Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2019 (4) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (4) TMI 809 - AT - Income TaxReopening of assessment - nature of land sold - Addition under the head Long Term Capital Gains as the agricultural land sold by the appellant is not a capital asset u/s 2(14) of the I.T. Act, 1961 being beyond the notified limits - HELD THAT:- In the facts of the present case, the evidence of exact location of the land and the value thereof based on a Valuation Report admittedly was relevant and crucial for deciding the issue and knowing its relevance, the assessee ideally should have been advised to come by way of a proper application. The fact that the assessee was a farmer agriculturist and thus, may not have had the benefit of a proper legal advice at the assessment stage cannot be ruled out. In a fair exercise of power, the said opportunity should have been given by the CIT(A). In the eventuality the value based on the Valuation Report was to be upset, the matter should have been referred to the DVO and not arbitrarily decided. Accordingly, the evidence is directed to be admitted and in case it is found to be insufficient or incomplete, the CIT(A), it is directed shall call for further evidences if so deemed necessary and confront these to the assessee before passing an order in accordance with law. With the above directions/observations, the impugned order is set aside on the issues agitated in ground Nos. 3 to 5 back to the file of the ld. CIT(A) directing him to pass a speaking order in accordance with law after giving the assessee a reasonable opportunity of being heard. Said order was pronounced in the Open Court at the time of hearing itself.- Appeal of the assessee is allowed for statistical purposes.
|