Held, that the assessing authority had passed the order beyond his jurisdiction by calculating the cost of acquisition on the basis of his own assumption. Therefore, the entire issue was set aside to the Assessing Officer and referred to the Departmental Valuation Officer for considering the cost of acquisition of the property before computing the total income. That the Assessing Officer shall provide proper and adequate opportunity of being heard to the assessee in set aside proceedings.(AY. 2010-11)
Savitri Devi (Smt.) v. ITO (2023)101 ITR 34 (Amritsar) (Trib)
S. 55A : Capital gains-Reference to Valuation Officer-Calculation without referring to D.V.O.-On the basis of own assumption-Ought to have referred to D.V.O.-Order set aside-Matter remanded and referred to D.V.O. for considering cost of acquisition. [S.55(2) (b)]