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2017 (9) TMI 719 - AT - Income TaxIncome arising from sale of flats - nature of income - capital gain or income from other sources - admission of additional evidences - Held that:- We have observed that the assessee company is engaged in the development of land, construction of buildings and sale of flats. The assessee had sold five flats during the year against which three agreements were submitted by the assessee before the lower authorities. The assessee could not submit the other two agreements of the flat which was stated to be sold during the year viz. flat No. 7 & 16 in E Building, J P Nagar. Now, it has come on record that these agreements have been located and application is moved by the assessee to admit the same as an additional evidence under the Income-tax(Appellate Tribunal) Rules, 1963. The said agreements were stated by the assessee to be not traceable due to death of the Managing Director of the assessee company. As observed that these additional evidence being two agreements which the assessee could not submit before the authorities below and infact these two agreements goes to the root of the matter and are important for adjudicating the issues covered by this appeal because the authorities below made additions to the income from unsubstantiated sources mainly on the grounds that these agreements were not traceable.Thus, we are inclined to set aside and restore the issues covered by this appeal to the file of the AO for de-novo determination of the issue on merits in accordance with law. Appeal of the assessee allowed for statistical purpose.
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