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| The Tax Publishers2020 TaxPub(DT) 5371 (Kol-Trib) INCOME TAX ACT, 1961
Section 45
The issue of determining long-term capital gain chargeable to tax in the hands of the assessee as against the long-term capital loss claimed by the assessee in the return of income was not considered and decided either by the AO or by CIT(A) on merit by examining/verifying the terms and conditions of the relevant development agreement. Hence, matter was remanded to AO for consideration afresh.
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Capital gains - Chargeability - Issue not considered on merit -
Assessee filed appeal against the order of CIT(A), whereby he confirmed the action of AO in determining the long-term capital gain chargeable to tax in the hands of the assessee as against the long-term capital loss claimed by the assessee in the return of income. Held: This issue had not been considered and decided either by the AO or by CIT(A) on merit by examining/verifying the terms and conditions of the relevant development agreement. Since the same goes to the root of the matter, it was fair and proper and in the interest of justice to send it back to the AO for such examination/verification. The impugned order of CIT(A) was accordingly set aside and the matter was restored to the file of AO for deciding the same on merit as relying on Infinity Infotech Parks Limited [(2018) 307 CTR 105 (Cal-HC) : 2018 TaxPub(DT) 4765 (Cal-HC)].
REFERRED : Infinity Infotech Parks Limited [(2018) 307 CTR 105 (Cal) : 2018 Taxpub(DT) 4765 (Cal-HC)].
FAVOUR : Matter remanded.
A.Y. :
IN THE ITAT, KOLKATA BENCH
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