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2017 (12) TMI 112 - AT - Income TaxLong term capital gains tax on sale deed - Held that:- The sale deed recitals show that the building was demolished and vacant plot was handed over. Whereas the MOU shows the existence of super structure. The assesse claims the sale of vacant site after demolition of the building, State Bank of Hyderabad letters referred in the appellate order evidences the existence of the building and the process of demolition. From the above it is clear that neither the assessee nor the AO has collected nor the assessee has furnished the complete facts. It appear that the sale tranasaction is interlinked with Smt. Anuradaha, Shri Anil kumar, the purchaser and the assessee. Further examination of the contents of the suit referred by Shri Anil kumar and D. Sri Rama Krishna are also appear to be crucial for arriving at the correct factual position. Therefore we are of the considered opinion that the case required to be remitted back to the file of the AO to verify the entire facts and to decide both the issues of sale consideration and the cost of construction on merits. Both the ld.AR and the DR have agreed for remitting the matter back to the file of the AO. Accordingly, we set aside the orders of the lower authorities and remit the matter back to the file of the AO for de-novo consideration.
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