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2022 (10) TMI 455 - AT - Income TaxCapital gain computation - AO observed that the assessee sold immovable property as per the value assessed by the Stamp Value Authority - AO rejected the assessee’s contention and added a sum by invoking the provisions of section 50C Addition u/s 68 - Deduction u/s 54F - admitting Additional Evidence denied - applicability u/s.50C of the Act and confirming addition made by the AO though the said amount as per Stamp Duty Value is not received by the Appellant - assessee submitted that the assessee was unable to submitted bills before the AO during the course of assessment proceedings due to paucity of time - HELD THAT:- As established law that in appropriate circumstances/cases, the Ld. CIT(Appeals) should admit additional evidence in the interest of justice, in case the filing of such evidence goes to the root of the matter and is essential to establish the justification/genuineness of the claim of the assessee. Further, we also observe that in the case of Tarun Manmohan Garg v DCIT [2017 (8) TMI 1461 - ITAT AHMEDABAD] held that even in the absence of a specific request from the assessee, the AO has to give an option to the assessee to the follow the course provided by law under section 50C of the Act. Further, the Calcutta High Court in the case of Sunil Kumar Agrawal [2014 (6) TMI 13 - CALCUTTA HIGH COURT] held that where according to assessee, agreed consideration as per conveyance deed was highest prevailing market price of property, it would follow that assessee disputed higher valuation made by Stamp valuation authority and in such case, Assessing Officer should have referred matter to a Valuation Officer as contemplated under section 50C. Accordingly, we are restoring the file to the assessing officer for fresh adjudication, after giving due opportunity to the assessee to place supporting documents/evidence in order to establish genuineness of unsecured loans to establish details/value regarding sale of property and to examine claim of deduction u/s. 54F of the Act after grating due opportunity of hearing to the assessee.
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