Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2016 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (1) TMI 70 - AT - Income TaxApplicability of section 50C on lease hold rights - CIT(A) deleted the addition - Held that:- As the assessee was having only lease hold rights for a period of 60 years, he cannot be considered to be the owner of the property so as to compute capital gain by adopting the market value as per the provisions of section 50C of the Act. In the aforesaid view of the matter, we agree with the decisions of the learned Commissioner (Appeals) in deleting the additions made on account of long term capital gain. - Decided against revenue Short term capital gain in respect of transfer of factory shed - Held that:- the assessee also agreed that certain additional evidences were produced before the learned Commissioner (Appeals) for the first time, however, he submitted that not giving opportunity to the Assessing Officer to examine these evidences had no effect on the ultimate decision of the learned Commissioner (Appeals). Therefore, the Revenue's contention that there is violation of section 46A should not be accepted. Having considered the submissions of the parties, we are of the view that the learned Commissioner (Appeals) has violated provisions of rule 46A by considering additional evidence produced by the assessee without affording an opportunity to the Assessing Officer to examine the same. That being the case, without entering into the merits of legality / validity of computation of short term capital gain, we restore the matter back to the file of the Assessing Officer for deciding afresh after considering all the evidences produced by the assessee and only after due opportunity of hearing to him - Decided in favour of revenue for statistical purposes.
|