Tribunal allows appeal for statistical purposes, remands issue to Assessing Officer for consideration.

The Tribunal allowed the appeal filed by the assessee for statistical purposes, setting aside the order of the Ld. CIT(A) and restoring the issue to the file of the Ld. AO for further consideration based on the DVO report and objections of the assessee.

---

---

Issues involved:
1. Appeal against order of Ld. CIT(A)-28, Mumbai for AY 2007-08.
2. Challenge to revised long term capital gain valuation.
3. Condonation of delay in filing appeal.
4. Legality of order u/s 154 of the Act.
5. Doctrine of merger in appeal proceedings.

Detailed Analysis:

Issue 1: Appeal against order of Ld. CIT(A)-28
The assessee filed an appeal against the order of the Ld. CIT(A)-28, Mumbai, dated 11/10/2017 for AY 2007-08. The grounds of appeal raised by the assessee included challenges to the dismissal of the appeal on technical grounds and the confirmation of revised long term capital gain valuations.

Issue 2: Challenge to revised long term capital gain valuation
The assessee contested the revised long term capital gain valuation at &8377; 37,89,450/- as on 06/12/2006 and at &8377; 1,54,350/- as on 01/04/1981. The appellant argued for acceptance of a different valuation submitted by them. Additionally, a petition was filed challenging the order of the Ld. CIT(A) in sustaining the order passed by the AO u/s 154 of the Act.

Issue 3: Condonation of delay in filing appeal
The assessee sought condonation of a 121-day delay in filing the appeal, citing reasons such as the age and health condition of the assessee, which led to the delay in noticing the order passed by the Ld. CIT(A). The delay was considered reasonable due to the circumstances, and the appeal was admitted for hearing.

Issue 4: Legality of order u/s 154 of the Act
The AO passed a 154 order to rectify the assessment by replacing the fair market value (FMV) determined by the DVO, which was contested by the assessee. The issue revolved around whether there was a prima facie mistake apparent on record justifying the rectification u/s 154. The Tribunal found that the issue was debatable and required prolonged discussions, concluding that the order passed was not based on a clear mistake and set aside the Ld. CIT(A)'s decision.

Issue 5: Doctrine of merger in appeal proceedings
The Ld. CIT(A) dismissed the appeal on the ground of doctrine of merger, stating that the issue had already been considered in previous proceedings. However, the Tribunal disagreed, finding that the Ld. CIT(A) should have adjudicated the issue on its merits, especially considering the legal grounds raised by the assessee regarding the initiation of proceedings u/s 154.

In conclusion, the Tribunal allowed the appeal filed by the assessee for statistical purposes, setting aside the order of the Ld. CIT(A) and restoring the issue to the file of the Ld. AO for further consideration based on the DVO report and objections of the assessee.

---