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2011 (7) TMI 708 - ITAT CHANDIGARHIncome escaping assessment - LTCG - additional evidence - held that:- Under the provisions of Rule 46A of the Income Tax Rules an option is available to the assessee to furnish additional evidence before the CIT(A), which was not furnished before the Assessing Officer - The assessee before us in the return of income had shown the cost of acquisition as its original cost. However, before the CIT(A) a prayer was made for admission of additional evidence alongwith documents establishing the claim of the assessee of having acquired the said property prior to 1st April, 1981. Further, report of the Registered Valuer determining the fair market value as on 1.4.1981 was also furnished as additional evidence. The contention of the assessee in this regard was that the fair market value as on 1st day of April, 1981 is to be adopted as the cost of acquisition under the provisions of section 48 of the Act. - Additional evidence admitted. Under the provisions of the Act admittedly the assessee has the option to adopt the fair market value of the asset as on 1.4.1981 as its cost of acquisition - assessee has filed report of Registered Valuer but the same has not been looked into by the Assessing Officer or the CIT(A) - Appeal is allowed by way of remand.
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