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Income Tax Appellate Tribunal, “C” BENCH : BANGALORE
Before: SHRI GEORGE GEORGE K. & SHRI S. JAYARAMAN
Per George George K., Judicial Member
This appeal at the instance of assessee is directed against CIT(A) order dated: 31.03.2016. The relevant assessment year is 2001-02.
Page 2 of 3 2. The solitary issue raised in this appeal is whether the AO is justified in dismissing the rectification application for re-computation of income on long term capital gains and whether the CIT(A) is justified in confirming the same.
The ld. AR of the assessee submitted that the order passed by the AO is not a reasoned and speaking order and therefore, the matter should be restored to AO for passing a reasoned and speaking order. It was submitted by the ld. counsel for the assessment year 2002-03 a similar order was passed by the AO and the order of the Hon’ble Tribunal has set aside the same and restored the issue to the AO for passing a speaking order. The ld. DR supported the orders of the Income Tax authorities.
We have considered the rival submissions and perused the material on record. We find that as per the order passed by the AO, there is no basis or reasoning indicated by him for holding that there is no mistake apparent from records and hence, we feel it proper to restore the matter to AO for passing a reasoned and speaking order. We order accordingly.
The AO should pass a reasoned and speaking order as per law after affording adequate opportunity of being heard to the assessee.
Page 3 of 3 5. In the result, the appeal of the assessee is allowed for statistical purposes.
Pronounced in the open court on this 09th day of March, 2017