Principal Commissioner Of Income Tax 2, Vadodara v. Oral Order

C/TAXAP/1278/2018 ORDER IN THE HIGH COURT OF GUJARAT AT AHMEDABAD R/TAX APPEAL NO. 1278 of 2018With R/TAX APPEAL NO. 1280 of 2018 ========================================================== PRINCIPAL COMMISSIONER OF INCOME TAX 2, VADODARAVersusRITAL R. PATEL==========================================================Appearance:MR.VARUN K.PATEL(3802) for the PETITIONER(s) No. 1 for the RESPONDENT(s) No. 1 ========================================================== CORAM: HONOURABLE MR.JUSTICE AKIL KURESHIandHONOURABLE MR.JUSTICE UMESH TRIVEDI Date : 29/10/2018 ORAL ORDER (PER : HONOURABLE MR.JUSTICE AKIL KURESHI) 1.These two appeals involve the same assessee and arise out of a common judgment of ITAT. Revenue has challenged the judgment of the Tribunal under which for ascertaining the fair market value of the property in question as on 1.4.1981 and for examining the assessee’s claim of deduction under Section 54EC of the Income Tax Act, the Tribunal has remanded the proceedings before the Assessing Officer. The revenue main contention is that the assessee had raised neither of these two claims before the Assessing Officer. For the first time the contentions were raised before the CIT(A). The Tribunal therefore committed an error in entertaining such contention. The Tribunal while remanding the issue observed that the provision of law permit the assessee to adopt fair market value of the property as on 1.4.1981 and the same therefore cannot be denied at any stage. The Tribunal also noted the assessee claimed to have invested sale proceeds in exemption bond and such issue also required verification. 2.Since the Tribunal has remanded the issue for fresh consideration by the Assessing Officer, we see no reason to interfere. Clearly the Tribunal has not made any conclusive observations with respect to the contentious issues. Both Tax Appeals are dismissed. (AKIL KURESHI, J) syed/ (UMESH TRIVEDI, J)