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2011 (5) TMI 569 - DELHI HIGH COURTIncome on account of long-term capital gain - Remand report - the additional evidence given in the form of correspondence provided by the assessee - Held that:- Additional evidence given in the form of correspondence provided by the assessee was duly and properly admitted by the CIT(A), the question on merits as decided by the two authorities below does not pose any problem. It is stated in the remand report that AO had not questioned the genuineness and veracity of the documents. Though he had specifically mentioned that the additional documents had been gone through and perused by him, he had only questioned the admission of these documents in view of Rule 46A of the Income Tax Act that too on the ground that the original agreements entered into between the assessee and the lenders did not provide for giving additional security on subsequent dates and for this reason alone, he contended that the assessee could not place reliance on subsequent correspondence. Therefore, CIT(Appeal) was right in proceeding on the premise that such a correspondence was in fact genuine and exchanged between the parties. Once this position is accepted coupled with the fact that the parties to the contract have agreed to change the terms thereof and it was actually done in the instant case, the furnishing of additional security became justified and there was no reason to treat the same as long-term capital gain, authorities below in this behalf have rightly referred to the judgment of K.P. Verghese (1981 (9) TMI 1 - SUPREME Court) in arriving at this decision – Appeal is dismissed
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