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TMI Blog2023 (4) TMI 484X X X X Extracts X X X X X X X X Extracts X X X X ..... tion which has been denied in the impugned sec.154 proceedings. Faced with the situation, we deem it appropriate to reverse the learned lower authorities action declining the assessee s instant rectification petition as not maintainable and leave it open for the learned Assessing Officer to decide the same afresh as per law. Assessee s appeal is allowed for statistical purposes. - ITA.No.156/PUN./2023 - - - Dated:- 11-4-2023 - Shri Satbeer Singh Godara, Judicial Member And Shri Gd Padmahshali, Accountant Member For the Assessee : Shri Sanket Joshi For the Revenue : Shri M.G. Jasnani ORDER PER SATBEER SINGH GODARA, J.M. : This assessee s appeal for assessment year 2011- 2012, arises against the National Facel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 01.04.1981 while determining the LTCG on sale of the same. [Rs.26,98,050]. 3. The learned CIT(A) further erred in not appreciating that in case of co-owner, the Dept, has adopted FMV of the said land as on 01.04.1981 as cost of acquisition u/s 55(2)(b)(i) and therefore, taking a different view on identical facts in case of the assesssee constitutes a mistake apparent from record and therefore, the said mistake ought to have been rectified u/s 154 in the interest of justice. [Rs.26,98,050]. 4. Without prejudice to the above grounds, the learned CIT(A) erred in rejecting the claim of the appellant purely on technical grounds even after impliedly accepting the correctness of claim on merits without appreciating the law laid down by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 03.2017 as well as the NFAC s impugned lower appellate discussion hold that such a course of action is not available in sec.154 rectification. This is what leaves the assessee aggrieved. 5. We have given our thoughtful consideration to the vehement rival stands. Learned counsel first of all referred to this tribunal s coordinate bench s order in Atul C. Shah vs. DCIT ITA.Nos.595 595/Ahd/2019 dated 10.01.2002 that such a correct cost of indexation and its appropriate computation indeed forms subject matter of section 154 rectification. Learned counsel also sought to highlight the fact that the assessee s co-owner s capital gains had been computed after determining the very cost of acquisition/indexation which has been denied in the i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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