Tribunal sets aside orders, remands for fresh decision on Inam claim. Fair opportunity for assessee.

The Tribunal allowed all appeals for statistical purposes, setting aside the previous orders and remanding the matter to the Assessing Officer for a fresh decision after conducting thorough enquiries regarding the Inam claim and cost of acquisition. The judgment emphasizes the importance of providing a fair opportunity for the assessee to present their case and have their claims properly examined.

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Issues:
Appeals by connected assessees regarding capital gains computation for properties transferred.

Analysis:
The judgment involves three appeals by connected assessees concerning capital gains computation for properties transferred in the assessment year 2009-10. The Assessing Officer (AO) observed the transfer of properties at values lower than stamp values and computed capital gains based on share percentages. The assessees contended that the properties were received as Inam and had no cost of acquisition. The ld. CIT(A) rejected the claims, stating that Nazarana payment constituted the cost of acquisition for Inami land. The Tribunal noted that the Inam issue was raised for the first time before the ld. CIT(A) and directed the AO to reexamine the claim of Inami land and Nil cost of acquisition, emphasizing proper enquiries and a fair hearing for the assessee.

Conclusion:
The Tribunal allowed all appeals for statistical purposes, setting aside the previous orders and remanding the matter to the AO for a fresh decision after conducting thorough enquiries regarding the Inam claim and cost of acquisition. The judgment highlights the importance of providing a fair opportunity for the assessee to present their case and have their claims properly examined.

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