2023 (1) TMI 971

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....CIAL MEMBER For the Assessee : Shri Nagesh Behl , C. A ; . For the Department : Shri Abhishek Kumar , Sr. D. R. ; ORDER PER C. N. PRASAD , J. M. 1. These two appeals are filed by the Revenue and Assessee against the order of the ld. Commissioner of Income Tax (Appeals)-14 [hereinafter referred to CIT (Appeals)] New Delhi, dated 05.12.2019 for assessment year 2016-17. 2. The Reven....

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....t year-wise. 4. On the other hand, the ld. Counsel submits that assessee has not filed additional evidence before the ld. CIT (Appeals) and the ld. CIT (Appeals) suo moto enquired directly by issue of notice under section 133(6) of the Income Tax Act, 1961 (the Act) and the architect/interior designer responded to the notice issued by the ld. CIT (Appeals) stating that they have issued certific....

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....ssee. Thus, we restore ground Nos. 1 and 2 of grounds of appeal of the Revenue to the file of the Assessing Officer with a direction for de novo adjudication of cost of improvement claimed by the assessee. 6. Coming to appeal of the assessee, even though various grounds have been raised by the assessee, the ld. Counsel argued only ground No. 5 of grounds of appeal relating to indexation of cost....

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....8. We observe that the ld. CIT (Appeals) held that in the case of inherited property cost of acquisition as well as the cost of improvement by the previous owner of a capital asset the indexation shall be allowed during the year of acquisition or improvement by the previous owner or the year of inheritance by the person, who sold the property. The Hon'ble Bombay High Court in the case of CIT Vs. M....