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Income Tax Appellate Tribunal, HYDERABAD ‘A’ BENCH, HYDERABAD.
O R D E R Per Shri Laliet Kumar, J.M. : This assessee’s appeal for Asst. Year 2006-07 arises from the Commissioner of Income Tax (Appeals)-10, Hyderabad order dt.24.09.2019 for the Asst. Year 2006-07.
The assessee has raised the following grounds in the appeal :
The order of the learned CIT (Appeals) is erroneous both on facts and in law.
2. The learned CIT (Appeals) erred in confirming the addition of Rs.1,47,45,000/- made by the Assessing Officer under the head “capital gains” without any basis. 3. Any other ground or grounds that may be urged at the time of hearing.” 3. The brief facts of the case are that during the course of survey operation conducted on 21.2.2008 in the case of Shri M. Satyanarayana, it was found that as per page No.7 & 8 of Annexure 11/MS, the assessee has sold four acres 37 guntas of land in Mamidipally village near Shamshabad. A show cause letter dt.30.11.2011 was issued and served on the assessee wherein she was specifically requested to submit the Return of Income for Assessment Year 2006-07 immediately and furnish the information called for, failing which the assessment will be completed u. 144 of the Income Tax Act, 1961 (in short ‘the Act’). There was no compliance by the assessee. The Assessing Officer has added the entire amount of Rs.1,47,75,000/- under the head ‘short term capital gains’. Aggrieved by the order of Assessing Officer, the assessee filed an appeal before the CIT (Appeals), who confirmed the addition under the head
Assessing Officer. Aggrieved by the order of learned CIT (Appeals), the assessee is in appeal before us.
During the course of hearing, the learned Authorised Representative has submitted that the lower authorities have erred in making the addition of Rs.1,47,45,000/- under the head ‘capital gains’ without any basis by the Assessing Officer and confirmed by the learned CIT(Appeals). The sale consideration of land belong to the Assessment Year 2008-09, the authorities have erred in treating the said amount under the head ‘capital gains’. He prayed to provide one more opportunity of hearing for presenting its case before the Assessing Officer and the matter may be sent back to the file of Assessing Officer for de novo consideration.
The learned D.R. has strongly supported the orders of authorities below and submitted that the case may be decided on merit at this stage and opposed the request of learned A.R. for sending back the matter to Assessing Officer.
We have heard both the parties and perused the material available on record. Considering the facts and circumstances of the case, in our considered opinion, the matter is remitted back to the file of Assessing Officer for consideration afresh after examining the assessee's submissions and documents. We direct the Assessing Officer to examine afresh and period of sale deed(s) executed, the issue to be decided as per law. The assessee is also directed to submit all the relevant documents before the Assessing Officer for examination and co-operate with the authorities and not to seek unnecessary adjournments without valid reason. It is ordered accordingly. This ground of appeal is allowed for statistical purposes.
In the result, the assessee's appeal is allowed for statistical purposes.