SAJEETHA,CALICUT vs. ACIT, KOZHIKKODE

It emerges during the course of hearing that the assessee’s sole substantive ground which arises for our apt adjudication is that of correctness of the long term capital gain addition amounting to Rs. 1,06,42,858/- on account of the fact that her cost of acquisition u/s. 55A of the Act as on 01.04.1981, has been reduced by the Assessing Officer on the basis of some alleged separate enquiries. Both the learned Sajeetha representatives reiterate their respective stands going by reverse indexation and the alleged spot enquiries to buttress their case against and in support of the impugned hardship to this effect.

Learned counsel further submits that the learned Assessing Officer in assessee’s co-owner Shri Vinayalraj Sredhar’s case has framed section 143(3) regular assessment dated 28.12.2017 accepting the valuation of FMV of the very capital asset to the extent of adopting the cost acquisition @ Rs.60,000/- per cent as on 01.04.1981. Faced with this situation, we deem it appropriate to restore the assessee’s instant sole substantive ground back to the learned Assessing Officer to first factually verify and then adopt the said valuation in absence of any distinction of facts, as per law subject to all just exceptions.

This assessee’s appeal is allowed for statistical purposes.