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2014 (6) TMI 1030 - AT - Income TaxAddition as capital gain in respect of disallowance u/s 54EC for late investment of REC Bonds - Admission of additional ground - HELD THAT:- Ground raised by the assessee in terms of nature of land u/s 2(14) of the Act is a legal ground, as such in the interests of substantial justice in order to decide the issue of taxability of the specific income stated to have arisen as a result of sale of a specific land the issue is germane and goes to the root of the matter, the same is directed to be admitted. Considering the plea of additional evidence we also hold that the same is relevant and crucial for determining the issue as such the same is also directed to be admitted. The prayer of the Ld. Sr. DR, Mr. Sameer Sharma that the issue has to be restored to the AO has merit as the facts necessarily are required to be looked into at the stage of the Assessing Officer. After admitting the additional ground and the additional evidence to restore the issue back to the file of the Assessing Officer with the direction to adjudicate thereon by way of a speaking order in accordance with law. The additional evidence filed by the assessee needless to say shall be taken into consideration while deciding the issue. The assessee would be at liberty to place whatever other evidence it has in its possession order to support its claim. Appeal of the assessee is allowed for statistical purposes.
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