TMI Blog2020 (11) TMI 854X X X X Extracts X X X X X X X X Extracts X X X X ..... a claim through submissions that since the asset sold was held for more than three years, the rate of tax as applicable in case of long term capital gain would apply in terms of section 112. Both, the AO and Commissioner (Appeals) have rejected the aforesaid claim of the assessee on the ground that the assessee has not made such claim either in the original return of income or through a revised re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ountant Member For the Assessee : None For the Revenue : Shri Amit Pratap Singh ORDER PER SAKTIJIT DEY. J.M. The captioned appeal by the assessee is against the order dated 8th April 2019, passed by the learned Commissioner of Income Tax (Appeals) 28, Mumbai, for the assessment year 2015 16. 2. When the appeal was called for hearing, no one was present on behalf of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 44,569, in respect of sale of industrial gala by treating it as depreciable asset under section 50 of the Act. During the assessment proceedings, the assessee made a fresh claim through submissions that since the asset was held for more than three years, the rate of tax applicable would be that of long term capital gain as per section 112 of the Act. The Assessing Officer, however, did not accept ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e of long term capital gain would apply in terms of section 112 of the Act. Both, the Assessing Officer and learned Commissioner (Appeals) have rejected the aforesaid claim of the assessee on the ground that the assessee has not made such claim either in the original return of income or through a revised return of income as provided under section 139(5) of the Act. In our view, learned Commissione ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Commissioner (Appeals) and restore the issue back to the file of the Assessing Officer for deciding the assessee s claim on merits keeping in view the judicial precedents to be cited before him. Needless to mention, the Assessing Officer shall provide reasonable opportunity of being heard to the assessee before deciding the issue. Grounds raised by the assessee are allowed for statistical purposes ..... X X X X Extracts X X X X X X X X Extracts X X X X
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