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2020 (10) TMI 1043 - AT - Income TaxLTCG - cost of construction of capital asset that was sold by the assessee - Deduction u/s 54 - HELD THAT - Cost of construction of new asset and the period within which it was constructed also requires examination in the light of evidence filed as additional evidence by the CIT(Appeals). For proper adjudication of long term capital gain in accordance with the law these documents are necessary. We therefore set aside the order of CIT(Appeals) on the above two issues and remand the case to the Assessing Officer for fresh consideration in accordance with the law on the computation of long term capital gain and the claim of assessee for deduction u/s. 54 of the Act in the light of additional evidence filed before Tribunal and such other evidence that the Assessee may seek to rely on or required by the AO to substantiate her claim. Correct head of income - Long term capital gain or income from other sources - Admission of additional evidence - HELD THAT - We find that the assessee in the proceedings before the AO has filed copy of agreement for sale dated 22-7-2013 in which the price agreed between the parties was a sum of Rs. 94 lakhs. In the light of this evidence the question whether the sum of Rs. 46 lakhs should form part of long term capital gain or income from other sources also needs to be examined by the AO. Accordingly we set aside the order of CIT(Appeals) on this issue also and direct the AO to admit the additional evidence filed by the assessee and decide the issue in accordance with the law after affording assessee opportunity of being heard.
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