|The Tax Publishers2021 TaxPub(DT) 0326 (Hyd-Trib)
INCOME TAX ACT, 1961
The Tribunal deemed it proper to admit additional evidence submitted by assessee and allow the cost of acquisition while computing the capital gain, therefore, matter was set aside to AO for de novo re-consideration and assessee shall be given a fair opportunity of hearing.
Appeal (ITAT) - Additional evidence - ITAT admitted additional evidence towards cost of acquisition -
Assessee was the co-owner of the property along with 7 others. It had sold a property for Rs. 50.00 lakhs as against the market value of Rs. 86,83,000. Since assessee had not filed the return of income, proceedings under section 147 were initiated and during the assessment proceedings the assessee was asked to furnish details of the transaction. However, none appeared for the assessee and neither was any explanation given and therefore, AO invoked the provisions of section 50C and considered the sale consideration as Rs. 86,83,000 and treated 1/8th share as the assessee's share in the property. CIT(A) after considering the remand report of AO, had held that assessee had furnished certain details and copies of the documents but there was no request for admission of additional evidence. Therefore, he did not admit the additional evidence and did not allow the cost of acquisition. Held: Having regard to the rival contentions and the material on record, it would be deemed fit and proper to admit the additional evidence submitted by assessee and allow the cost of acquisition while computing the capital gain. Therefore, matter was set aside to AO for de novo re-consideration and assessee shall be given a fair opportunity of hearing.
FAVOUR : Matter remanded.
A.Y. : 2011-12
IN THE ITAT, HYDERABAD BENCH
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