Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (6) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (6) TMI 287 - AT - Income TaxAdditions for capital gains on sale of land u/s 50C - reference to DVO - Held that:- In view of the judgement in case of SUNIL KUMAR AGARWAL VERSUS COMMISSIONER OF INCOME TAX, SILIGURI [2014 (6) TMI 13 - CALCUTTA HIGH COURT] we set aside the order of learned CIT(A) and restore the matter back to the file of the AO for fresh adjudication of the entire issue on merits after referring the matter to DVO for valuation - AO/DVO shall admit all necessary evidence submitted by the assessee and adequate opportunity of being heard in accordance of principles of natural justice shall also be given to the assessee. Additions made for bogus purchase - Held that:- Unusually long credits were given by these parties and payments vis-a-vis purchases do not reveal normal purchase transactions happening in normal course of business . The onus was on the assessee to have proved genuineness of purchases and consumption/utilisation of material for business purposes. The assessee could not discharge primary burden and the amount was also surrendered during assessment proceedings. Under these circumstances and keeping in view factual matrix of the case we are not inclined to interfere with the order of learned CIT(A) which we confirm. The assessee fails on this ground.
|