2014 (2) TMI 435

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....revenue against the order of the learned Commissioner of Income-tax (Appeals)-XX, Kolkata in appeal no. 172/CIT(A)-XX/Wd. 35(3)/2008-09/Kol dated 24-04-2012 for the assessment year 2006-07 in the case of Smt. Kumud Ben J.Patel. 2. As the issues in both the revenue's appeals are identical and are inter-connected, the same are being disposed of by this common order 3. Shri Rajendra Prasad, learned JCIT/Sr.DR represented on behalf of the revenue and Shri Gyan Ranjan Saha, Advocate, learned AR represented on behalf of the assessee. 4. In the revenue appeal in ITA No.1025/Kol/2012 for the A.Y 2006-07, the revenue has raised following grounds of appeal:- (i). On the facts and in the circumstances of the case, the Ld. CIT (A) has erred in dele....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....her sources, disallowed by the AO in the assessment, without verifying the nature of expenses as to whether they were laid out wholly or exclusively for the purpose of earning such income. 5. In the revenue appeal in ITA No.1026/Kol/2012 for the A.Y 2006-07, the revenue has raised following grounds of appeal:- (i). On the facts and in the circumstances of the case, the Ld. CIT (A) has erred in deleting the addition of Rs.45,48,315/- on account of Long Term Capital Gains. (ii) On the facts and in the circumstances of the case, the ld.CIT(A) has erred by arbitrarily adopting the FMV at Rs.19,07,733/- being 25% share of the assessee as on 1st April, 1981 relying on the submission of the assessee. (iii) On the facts and in the circumstances....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....(A) in deleting the addition made by the AO by arbitrarily adopting the fair market value [FMV] as on 1-4- 1981 relying upon the submissions of the assessee. He has vehemently supported the orders of the AO. It was the submission by him that the computation of capital gains as made by the AO was liable to be upheld. 7. In reply, the learned AR for the assessee has submitted that the provisions of section 55A(2)(b) of the I.T Act 1961 had been invoked by the AO and DVO's report had been called for. It was the submission that as the conditions precedent for invoking the provisions of section 55A of the Act had not been complied with by the AO the DVO's report was not liable to be considered. It was the submission that in view of the decision....