Appeals allowed due to valuation discrepancies for capital gains assessment.

The appeals against the confirmation of additions towards long-term capital gains for assessment years 2009-10 and 2010-11 were allowed for statistical purposes. The Tribunal found discrepancies in the valuation methods and lack of evidence for the cost of acquisition. It directed a reevaluation by the Valuation Cell for fair assessment. The matter was remitted back to the Assessing Officer for a fresh decision after providing adequate hearing opportunities to the assessee. The Tribunal emphasized the importance of accurate valuation methods and proper evidence for a fair assessment.

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Issues:
Appeal against confirmation of addition towards long term capital gains for assessment years 2009-10 and 2010-11.

Analysis:
For assessment year 2009-10, the assessee did not file a return of income initially but later admitted long term capital gains from property sale. The Assessing Officer calculated total income at Rs. 64,17,220, leading to an appeal to the CIT(A) which was dismissed. The Tribunal found discrepancies in the Assessing Officer's valuation methods and lack of evidence for cost of acquisition. The Tribunal directed a reevaluation by the Valuation Cell for fair assessment.

For assessment year 2010-11, similar issues arose regarding the cost of acquisition and valuation methods. The Tribunal set aside the CIT(A)'s order and remitted the matter back to the Assessing Officer for a fresh decision after providing adequate hearing opportunities to the assessee.

In conclusion, both appeals were allowed for statistical purposes due to inconsistencies in valuation and lack of supporting evidence for cost of acquisition. The Tribunal emphasized the need for a fair assessment based on accurate valuation methods and proper evidence, directing the Assessing Officer to reevaluate the issues in accordance with the law.

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