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2011 (2) TMI 1122 - AT - Income TaxApplicability of section 50C - sale consideration of land at “Circle Rate” - CIT(A) rejected its application seeking admission of additional evidence - Held that:- find force in the grievance of the assessee regarding the action of the ld. CIT(A) in refusing to admit the additional evidence sought to be produced by the assessee. It remains undisputed that the assessee company had become sick and was registered with BIFR . It recommended its winding up. It was, actually, ordered by the Hon’ble Delhi High Court to be wound up. For over a decade, nothing moved. It was in these circumstances, that the assessee was unable to produce the relevant record before the AO. Long term capital loss on account of sale of land - Disallowance of interest expenditure paid to banks and financial institutions and rates and taxes as per the provisions of section 43B - Held that:- Since all the papers and books of account of the assesse were lying with the official Liquidator for over a decade, it had remained impossible for the assessee to produce the same before the AO this issue is also remitted to the file of the AO to be decided afresh on considering the relevant evidence in accordance with law.
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