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2013 (5) TMI 1038 - AT - Income TaxDeduction u/s 54B - DR contended that the assessee is eligible for deduction if he has purchases the land for agricultural purpose within a period of two years after transfer of agricultural land - first objection raised by the ld. DR is concerned, the property was only transferred in December, 2008, therefore, the property purchased before that date is not eligible for claiming deduction under section 54B - HELD THAT:- This is only a hyper technical objection raised by the ld. DR, because, the assessee has received substantial amount from the purchaser before executing sale deed. So far as registration of the sale agreement is concerned, if both the parties proceeded to carry the execution of the sale as per the agreement whether it is registered agreement or not, there is no effect so far as transfer is concerned. Therefore, the case law relied on by the ld. DR is altogether on a different context and have no application to the fact of the present case. In view of the above, we find no infirmity in the order passed by the CIT(Appeals) and the ground raised by the Revenue is dismissed. CIT(Appeals) directing the AO to give relief of 50% on the strength of fresh evidences produced - Production of Additional Evidence under Rule 46A - HELD THAT:- It amounts to violation of Rule 46A of the Income Tax Rules which elucidates that before any additional evidence is accepted, the other party has to be given an opportunity of hearing. Faced with this situation, we deem it appropriate that the matter requires re-examination by the AO. Accordingly, we restore the issue back to the file of the Assessing Officer, who shall pass a fresh order in accordance with law after affording adequate opportunity of hearing to the assessee. Appeal of the Revenue is partly allowed for statistical purpose.
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