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2015 (8) TMI 1093 - AT - Income TaxComputation of capital gain - CIT(A) accepting the assessee’s plea that the plot in question was purchased in the year 1980 by making part payment and taking possession and consequently adopting the fair market value of the property as on 1-04-1981 and allowing indexed cost of acquisition at ₹ 31,19,050/- - Held that:- As find from the records that the assessee has not produced the original sale agreements entered between the parties before the AO. The assessee has also not disclosed the capital gains in the return as well as in revised return. The AO got information through AIR that it was an immovable property sold by the assessee and on that basis, the AO asked the assessee to give particulars of property sold and capital gains earned on it. The assessee submitted partial evidences before the AO and claimed the capital gains in case of these immovable property transactions showing income at nil. However, the AO was not supposed to entertain the assessee's claim by relying on decision of Hon'ble Apex Court in the case of Goetze India Ltd. vs. CIT (2006 (3) TMI 75 - SUPREME Court). The ld. CIT(A) has coterminous power and whatever additional evidences submitted by the assessee before him had not been adjudicated proper perspective and in legal framework as no application for filing of additional evidence had been referred by him and no finding had been given by the ld. CIT(A) that these evidences are required to decide the basic cause of the assessee. Therefore, in the interest of justice, we set aside the issue to the file of the AO to decide it de novo by providing reasonable opportunity of being heard to the assessee. - Decided in favour of revenue for statistical purposes.
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