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2022 (6) TMI 728 - AT - Income TaxExemption u/s. 54B - capital gain on sale of ancestral land in the hands of appellant - assessee explained specific asset sold was HUF property and the land was purchased in the name of the wife as the stamp duty to be paid for women was much less and since his wife was also a co-parcener, hence the claim may be allowed. - Assessee filed a copy of the 'Jamabandi' and copy of the Purchase Deed with a submission that these documents were available before the CIT(A) and the AO, however, they failed to consider or discuss them - also there is no finding on record about the status of the land whether it is HUF or not. HELD THAT:- We find on a consideration of the material available on record that the issue on facts needs to be addressed. Parties were required to argue whether the remand be made to the AO or the CIT(A). Both the parties agreed that the remand be made to the AO. Accordingly, on a consideration of the facts, circumstances and submissions of the parties before the Bench, it is deemed appropriate to set aside the impugned orders and restore the issues back to the file of the AO to ascertain the status of the, and which was sold and then decide the issue in accordance with law after giving the assessee a reasonable opportunity of being heard. The assessee in its own interests is directed to ensure full and proper participation before the AO and not abuse the trust reposed. It is made clear that in the eventuality of abuse of the trust reposed, the AO shall be at liberty to pass an order on the basis of the material available on record. Appeal of the assessee is allowed for statistical purposes.
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