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2017 (7) TMI 32 - AT - Income TaxCapital gains pursuant to the settlement of the contract of purchase - denial of natural justice - Held that:- The order of the CIT(A) does not mention that assessee has been given an opportunity after the remand report. As seen from the copy of the account headed ‘Aushapur land payment’, assessee was stated to have received ₹ 90 Lakhs- by way of DD of ₹ 20 Lakhs and balance by way of cash- between 04-09-2006 to 04-12- 2006. One payment on 09-11-2006 was through Shri Krishna Reddy. Balance of the amount of about ₹ 72,75,000/- was also transfer entries from Shri Krishna Reddy account. The role of Shri Krishna Reddy was not brought on record and we are not sure whether any statement has been recorded from Shri Krishna Since the account copies and statements have not been confronted to assessee, considering the request made by the Ld. Counsel in the course of arguments, we are of the opinion that the matter is to be set aside to the file of the AO to give proper opportunity to assessee to explain his stand and also to offer cross-examination of the parties, if required. The role of Shri Krishna Reddy also requires examination.
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