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TMI Blog2023 (3) TMI 97X X X X Extracts X X X X X X X X Extracts X X X X ..... 23 - Shri Kul Bharat, Judicial Member For the Assessee : None For the Department : Ms. Maimun Alam, Sr. DR ORDER PER KUL BHARAT, JM: This appeal, by the assessee, is directed against the order of the learned Commissioner of Income-tax (Appeals), Meerut, dated 13.07.2018, pertaining to the assessment year 2009-10. The assessee has raised following grounds of appeal: 1. That on the basis of A.I.R. Information, the assessee has sold the Ag. Land for a sum of Rs. 97,50,000/-. However, share of the assessee was l/3rd. Hence, reasons recorded by the A.O. on barrowed information and approval given by Pr. CIT without any inquiry and of routine and mechanical manner 2. That the A.O. is in error in taking cost of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hare i.e., Rs. 32,50,000/-. Therefore, reopening of the assessment is against the fact and reason to belief were framed on the basis of incorrect information for which the assessee rely upon the Hon ble I.T.A.T. Judgment in the case of Priyanka Garg Vs. ITO Ward 2(1) Meerut vide ITA No. 6754/Del/2018 in which Hon ble Bench Camp at Meerut quashed the order of the A.O. a copy of the judgment is being enclosed herewith. That the A.O. has taken cost of acquisition of the land for Rs. 12,000/- per bigha. However, in the case of assessee s brother Sh. Jai Prakash who was also a co-owner in the same property was set aside by the Hon ble Circuit Bench at Meerut to direct the assessee to file the valuation report by the authorized Valuer of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Division Bench of this Tribunal in ITA no. 5456/Del/2014 has allowed the claim of the assessee regarding admissibility of deduction u/s 54B and in respect of valuation of the property the matter is restored to the file of the assessing authority. I find that the Division Bench of the Tribunal in ITA no. 5456/Del/2014, after considering the facts directed the Assessing Officer as under: 04. We have carefully considered the rival contention. For the purpose of working out capital gains on sale of capital assets, assessee is granted deduction of cost of acquisition of that capital assets from the sale consideration. According to section 55 of the Income tax Act cost of acquisition where the capital asset became the property of the as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ee to substantiate fair market value of the property by submitting the valuation report obtained from authorized valuer. If the assessee does not exercise this option than AO does not have any option but to adopt the cost of acquisition for the purposes of determining the capital gain in the hands of the assessee. As admittedly assessee has not exercised this option, in the interest of justice one more opportunity is given to assessee to submit before AO the fair market value of the assets as at 1-4-1981 by submitting the valuation report of the property from authorized valuer not later than four months from the date of receipt of this order. After that AO may act according to the provision of section 55A of the Income tax Act and decide th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y covered by the decision of Hon ble Delhi High Court in the case of CIT Vs. Kamal Wahal 30 Taxmann.com 34 (Delhi). Regarding the issue of investments of funds by the assessee he submitted the copy of the bank statement of the assessee with Punjab National Bank. He submitted that cheque no stated in the bank account of the assessee are same as mentioned in the purchase deed of the land, hence the sources of the funds for purchase of agricultural land in the name of the wife of the assessee has come from the bank account of the assessee. Hence he submitted that assessee is eligible for deduction. 07. The Id DR relied on the order of lower authorities. 08. We have carefully considered the rival contention and found that there is no ..... X X X X Extracts X X X X X X X X Extracts X X X X
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