9911796707
TMI Blog2023 (5) TMI 1064X X X X Extracts X X X X X X X X Extracts X X X X ..... see has raised following grounds:- "1. THAT the Commissioner of Income tax (Appeals) has erred in law as well as under the circumstances of the case in not rectifying the error of the Assessing Officer in assessing your Appellant under the status of Resident as against the Return of Income filed under the status of Non-Resident. 2. THAT the Commissioner of Income tax (Appeals) has erred in law as well as under the circumstances of the case in accepting the cost value of shares of Devashish Builders Private Limited at Rs. Nil as taken by the Assessing Officer which is arbitrary and against the fact of the case. 3. THAT the Commissioner of Income tax (Appeals) has erred in law as well as under the circumstances of the case in accepting ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ort from the Assessing Officer. 7. THAT the Commissioner of Income tax (Appeals) has erred in law as well as under the circumstances of the case in wrongly mentioning in the Order that the Appellant did not attend to the notices whereas in fact the appellant had continuously enquired about the Remand Report and had submitted all the documents required and was ready to come for personal hearing also with any other documents required. 8. THAT Your appellant craves to modify, delete or make additional grounds of appeal at the time of meaning of appeal." 3. The brief facts of the case as emanating from the record are: The assessee is an individual and has derived income from house property, capital gain and other sources. For the year unde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 14 passed under section 143(3) of the Act did not agree with the submissions of the assessee regarding the cost of acquisition of shares and accordingly, computed the long-term capital gains of Rs.1,78,60,000. Further, the AO passed the aforesaid assessment order by treating the assessee as a 'Resident'. 5. In appeal before the learned CIT(A), the assessee raised grounds challenging the assessment by treating the assessee as 'Resident' as against the return of income filed in the status of 'Non-Resident‟. The assessee also challenged the computation of long-term capital gains by treating the cost of acquisition of shares as Nil. In order to substantiate the cost of acquisition of shares at Rs.81,04,212, the assessee also furnished ad ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ts application filed under Rule 46A of the Income Tax Rules, 1962 along with the following documents:- Sr. no. PARTICULARS 1. Declaration from Saroj Bardiya stating the amount received on sale of her shares 2. Ledger of Saroj Bardiya in our books. 3. Ledger of Shares of Devashish Builders P. Ltd. 4. Copy of Annual Return of Devashish Builders Private Limited 5. Copy of Minutes of the Meeting of Board of Directors of Devashish Builders Private Limited 6. Copies of concerned share certificates 7. Copies of Balance Sheet for the financial years 2004-05 to 2009-10 clearly mentioning the holding of shares 8. Copy of Assessment order for the assessment year 2008-09 passed under section 143(2) of the Income tax Act, 1961 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Therefore, in view of the above and in the interest of justice, we deem it appropriate to restore both issues to the file of the AO for de novo adjudication after considering the details filed by the assessee pertaining to his residential status as well as the documents/information furnished before the learned CIT(A) as additional evidence. The assessee is also directed to fully cooperate and comply with all the notices and furnish all the details as sought by the AO without any default. As a result, the grounds raised by the assessee are allowed for statistical purposes.
9. In the result, the appeal by the assessee is allowed for statistical purposes.
Order pronounced in the open Court on 24/05/2023 X X X X Extracts X X X X X X X X Extracts X X X X
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