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2017 (10) TMI 683 - AT - Income TaxAdmission of additional evidence - valuation of property - Held that:- The powers are vested in Tribunal in the matter of admission of additional evidence and the additional evidence produced by the assessee is crucial to decide the appeal as discussed in detail in the submissions of the Ld.A.R. From computation of the capital gains of assessee’s share was ₹ 6,47,86,542/- and the tax demanded was at ₹ 1,78,32,460/- against actual sale consideration of ₹ 1,38,33,000/- as per the sale deed. It appear to us that the assessee had agreed by sheer ignorance without understanding the tax implications and we are also under the impression that the Representative and the AO has not explained the tax implication to the assessee properly. There was no information with the department that the assessee had received the consideration over and above consideration recorded in the sale deed. The assessing officer also had not considered the above impediments in sale of the property while adopting the 50C value. As pointed out by the Ld.A.R if the additional evidence is not considered it would cause not only financial injury to the assessee but also injustice and it had direct impact on the market value of the property. Therefore, in the interest of justice we admit the additional evidence and remit the entire matter back to the file of the assessing officer to consider the additional evidence submitted by the assessee and to redo the assessment denovo. Assessing officer may take the help of DVO and decide the issue afresh on merits. Appeal of the assessee on this ground is allowed for statistical purpose.
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