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2017 (7) TMI 302 - AT - Income TaxDisallowance of exemption u/s.54 - admission of additional evidence - Held that:- There is strength in the submissions of the Ld. AR and the assessee filed petition under Rule 29 of the ITAT Rules for admitting the additional evidence having valuable impact on the assessment of the assessee. Further, there is no dispute on the sale and purchase of the property but only on the claim of exemption by the assessee and additional construction cost. We are of the opinion that the Assessing Officer shall be provided an opportunity to verify these additional evidences and comply the provisions of Rule 46A of IT Rules. In the interest of justice, we remit the disputed issue to the file of the Assessing Officer to verify and examine the genuineness of evidence filed and Ld. AO shall provide an adequate opportunity of hearing to the assessee before passing the order on merits. Assessee appeal is allowed for statistical purposes.
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