9911796707
TMI Blog2025 (4) TMI 1348X X X X Extracts X X X X X X X X Extracts X X X X ..... ) of the Income Tax Act, 1961 (hereinafter referred to as 'the Act') dated 26.12.2016. The assessee has raised the following grounds of appeal:- "1. On the facts and in the circumstances of the case as well as the law on the subject, the learned Commissioner of the Income Tax (Appeals) has erred in confirming the action of the Assessing Officer in making addition of Rs. 87,86,742/- as long term capital gain in one agriculture land sold by the appellant at Moje Kosad, R.S.No.22/2,Block No.306, Khata No.1174 by not accepting the value as on 01.04.1981 on the basis on the government approved valuer's valuation report by contending that the value taken as on 01.04.1981 is on higher side. 2. On the facts and in the circumstances of the case ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessee is having share of 24.58%. The assessee while filing his return of income has shown Long Term Capital Gains (in short, 'LTCG') of Rs. 18,97,552/-. Since the asset was acquired prior to 01.04.1981, the assessee for the purpose of calculation of capital gains shown the indexation cost as on 01.04.1981 at Rs. 89,10,500/-. The Assessing Officer made a reference to Departmental Valuation Officer (in short, 'DVO') for estimation of fair market value of asset as on 01.04.1981. The report of DVO was not received till the passing of assessment order. The Assessing Officer on his adopted the rate of land @ 5.00/- per meter and computed capital gains at Rs. 87,86,472/-. The Ld.CIT(A) confirmed the action of Assessing Officer in ex parte order ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h law after considering the Registered Government Valuer, report of DVO and objection raised by assessee. The Ld. AR of the assessee submits that he undertakes on behalf of assessee to be more vigilant and making timely compliance before lower authorities as and when called for. 3. On the other hand, Ld. Sr-DR for the Revenue supported the order of lower authorities. Ld. Sr-DR for the Revenue submits that matter may be restored back to the file of Ld.CIT(A), who will be in a better position to appreciate or re-appreciate of the facts and claim of assessee under section 54B. 4. We have considered the rival submissions of both the parties and have gone through order of lower authorities carefully. We find that during assessment, Assessing O ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... exemption under section 54B of the Act. Therefore, additional claim of assessee is admitted subject to verification of fact by Assessing Officer. Further, considering the fact that report of DVO was not available at the time passing assessment order and ld CIT(A) has confirmed the action of Assessing Officer. Therefore, matter is restored back to the file of Assessing Officer to consider the report of DVO and the report of Government Registered Valuer and to pass fresh order in accordance with law. The assessee is at liberty to file objection, if any, against the report of DVO, if so desire. Needless to direct Assessing Officer before passing the order afresh, the Assessing Officer shall give reasonable opportunity of being heard to assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X
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