Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2016 (9) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (9) TMI 444 - AT - Income TaxDeduction u/s. 54F - Held that:- In the instant case, when the assessee made a claim before the first appellate authority regarding deduction u/s. 54F for the purpose of determining the capital gain, it was incumbent upon the first appellate authority to make enquiry into the matter or could direct the Assessing Officer to enquire into and to give report on the allowability of such claim in the facts and circumstances of the case. However, the ld. CIT(A) has not exercised its discretionary powers judiciously and has failed to give categorical findings on the allowability of assessee’s claim u/s. 54F of the Act before confirming the addition made on account of long term capital gains. In the peculiar facts of the case, we, therefore, think it proper to restore the matter to the file of ld. CIT(A) to decide the appeal afresh after making proper enquiry into the matter and to record clear findings on the allowability of claim of assessee made u/s. 54F of the It Act. Needless to say, the assessee shall be given reasonable opportunity of being heard. The assessee is also directed to cooperate with the Revenue authorities. Accordingly, the appeal of the assessee is allowed for statistical purposes.
|