Tribunal sets aside AO's actions, directs re-adjudication on Section 50C & 54F issues.

The tribunal found the AO's actions erroneous in adopting the sale consideration under Section 50C without awaiting the DVO's report, setting aside the issue for re-adjudication. Regarding the denial of deduction under Section 54F, the tribunal directed re-adjudication by the Ld.CIT(A) to reconsider the indexed cost of acquisition and deduction claimed in compliance with the law, aligning with the decision on the full value of consideration issue.

---

---

Issues involved:
The judgment involves the following issues:
1. Computation of full value of consideration under Section 50C
2. Denial of deduction under Section 54F

Issue 1: Computation of full value of consideration under Section 50C
The assessee contested the adoption of sale consideration under Section 50C, arguing that the property consisted of two distinct parts with different valuations. The AO had referred the property valuation to the DVO but completed the assessment before receiving the DVO's report. The tribunal found the AO's actions erroneous and set aside the issue for re-adjudication by the Ld.CIT(A) after the DVO's report is obtained, following a similar decision in another co-owner case.

Issue 2: Denial of deduction under Section 54F
The Revenue challenged the Ld.CIT(A)'s decision to allow deduction under Section 54F, claiming the assessee failed to provide evidence of complying with the construction timeline. The Ld.CIT(A) had allowed the deduction without proof of construction completion. The tribunal agreed that if the main issue of full value of consideration is remanded, the deduction issue should also be reconsidered. Therefore, the tribunal directed the Ld.CIT(A) to re-adjudicate the indexed cost of acquisition and deduction claimed under Section 54F in accordance with the law.

Separate Judgment:
No separate judgment was delivered by the judges in this case.

---