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2023 (6) TMI 34 - AT - Income TaxReopening of assessment u/s 147 - addition on account of sale of property as unexplained cash credit u/s. 68 - assessee has not offered the sale consideration of Thane flat sold and the assessee has claimed exemption u/s 54 of the Act in respect of Long Term Capital Gain (“LTCG”) arising from the sale of flat at Thane which is not tenable - AO observed that since the assessee has not claimed the exemption of long term capital gains in the return of income filed and therefore the claim of the assessee in the revised computation income is denied - HELD THAT:- When a query was raised to assessee, to explain the reasons for not filing the return of income and the documentary evidences of property purchased and sold before the lower authorities. AR mentioned that the details were not available during that period and demonstrated the sale agreement of the flat at Thane of the paper book and the purchase agreement of new house property - evidence play important role in decision making in the adjudicating proceedings. Therefore assessee should not suffer for non filing of material information, as the evidences played vital role in decision making Accordingly, to meet the ends of justice, we set aside the order of the A.O. and restore the entire disputed issues along with the evidences and the revised computation of income claiming exemption of Long term capital gains on sale of flats to the file of the assessing officer to decide afresh on merits - Appeal of the assessee for statistical purposes.
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