M. RAMAKRISHNA REDDY, HYDERABAD,HYDERABAD vs. ACIT, CIRCLE-8(1), HYDERABAD, HYDERABAD

The assessee has raised several grounds in his appeal however, the crux of the issues is that the :-

At the outset, the Ld AR submitted before us that the assessee is entitled to the claim of deduction with respect to the capital gains earned by the assessee on sale of his immovable property. The Ld. AR further pleaded that one more opportunity may be granted to the assessee to argue his case before the Ld. AO otherwise, the assessee will be put to irreparable loss. The ld. DR vehemently opposed to the submissions of the Ld. AR.

We have heard the rival submissions and carefully perused the materials available on record. Thought the Ld. Revenue Authorities had granted sufficient opportunities to the assessee, considering the precarious financial position of the assessee, in the interest of justice, we hereby remit the entire matter back to the file of the Ld. AO for de novo consideration thereby providing the assessee with one more opportunity before the ld. AO of being heard. At the same breath, we also caution the assessee to promptly cooperate before the ld. Revenue Authorities in order to expedite their proceedings failing which the Ld. Revenue Authorities shall be at liberty to pass appropriate orders in accordance with law and merits based on the materials on record.

In the result, appeal of the assessee is allowed for statistical purposes as indicated herein above.