SHRI JAYMIN UTTAMLAL SOLANKI,,VADODARA vs. THE INCOME TAX OFFICER, WARD-4(1)(1),, BARODA

This appeal challenges correctness of learned CIT(A)’s order dated 24.02.2015, in the matter of assessment under section 143(3) r.w.s. 147 of the Income-tax Act, 1961, for the assessment year 2012-13.

Grievances of the assessee, as pressed before us, is against learned CIT(A)’s upholding the disallowance of deduction of Rs.13,42,259/- under section 54 of the Act.

One of the issues that learned counsel for the assessee has raised before the Tribunal is that the year before us is the year in which transaction has taken place whereas the addition could at best be made in the year in which three years from the date of transaction in question are completed. He also fairly admits that this issue was not raised before any of the authorities below.

Having heard the rival contentions and having perused the material on record, I deem it fit and proper to admit this legal plea but, as it has not been examined by the authorities below, remit the matter to the file of the Assessing Officer for adjudication de novo by way of a speaking order. As I am remitting the matter to the

In the result, appeal is allowed for statistical purposes. Pronounced in the open court today on the 24th May, 2019.