2023 (1) TMI 413 - AT - Income Tax
Deduction u/s 54F - Disallowance towards long term capital gain - CIT(A) termed the sale of old property (long term capital asset) as short term capital asset and has directed the A.O. to assess the long term capital gain as short term capital gain vide order impugned - HELD THAT:- CIT(A) has not discussed the reasons and not made proper adjudication of the issues while disallowing the deduction u/s 54F claimed by the Assessee and not even dealt with the contention and the judicial decisions cited by the assessee. The order of the CIT(A) is non speaking one.
CIT(A) has termed the sale of old property as short term capital asset and directed the A.O. to assess the long term capital gain as short capital gain without affording opportunity to the assessee which is in violation of natural justice. Therefore, we deem it fit to remand the matter to the file of Ld. CIT(A) for de-novo consideration after providing opportunity of being heard to the assessee. Appeal filed by the assessee is allowed for statistical purpose.