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2016 (7) TMI 2 - AT - Income TaxPenalty u/s 271(1)(c) - depreciation on the entire cost of factory building and land sold - admission of the additional evidences - Held that - In the present case it appears that the assessee was claiming depreciation on the entire cost of factory building and land at Sivakashi Tamilnadu. Later on when the factory was sold its value was reduced from the block of fixed assets and no long term capital gain was shown on the land. The assessee furnished additional evidences by way of computation of income for the assessment years 2010-11 to 2014-15 with balance sheet and the assessment orders. These documents are vital to decide the issue under consideration and go to the root of the matter therefore these are admitted. However since these documents were not available to the ld. CIT(A) for his consideration we therefore deem it appropriate to set aside this issue back to the file of the Ld. CIT(A) to be adjudicated afresh in accordance with law after considering the additional evidence furnished by the assessee first time before the ITAT and by providing due & reasonable opportunity of being heard to the assessee. - Decided in favour of assessee for statistical purposes.
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