Case Law Details
Shri Jafrudin Kaji Vs The ITO (ITAT Ahmedabad)
It is an undisputed fact that the assessee sold land for Rs.72 lakhs as evident from the sale deed. Therefore, the argument of the learned counsel for the assessee that the amount of cash deposits represents the sale consideration of agriculture land is without any substance. However, we note that the affidavit has been duly furnished by the assessee stating that the sum of Rs. 10 lakhs was received from the purchasers of agriculture land. Thus, in such circumstances and the interest of the justice, we feel that the AO should have verified the purchase consideration from the purchasers for determining the actual sale price of such land and after providing the opportunity of cross-examination to the assessee. Therefore, we incline to restore this issue to the file of the AO to verify the purchase consideration from the purchasers for the agricultural land in dispute and accordingly, adjudicate the issue afresh after giving the reasonable opportunity of being heard to the assessee as per the provisions of law. Similarly, we also restore the issue for the balance amount of Rs. 1.39 lacs deposited in cash in the bank account of the assessee for fresh adjudication by the provisions of the law. Hence, the ground of appeal filed by the assessee is allowed for statistical purposes.
FULL TEXT OF THE ITAT JUDGMENT
The captioned appeal has been filed at the instance of the assessee against the appellate order of the Commissioner of Income Tax(Appeals)-4, Ahmedabad [CIT(A) in short] vide old appeal no. CIT(A)-4/XV/XXI/1147/Wd.13(1)/14-15 and new appeal no.CIT(A)- 4/68/Wd.13(1)/14-15 dated 13.02.2015 arising in the assessment order passed under s.143(3) of the Income Tax Act, 1961 (hereinafter referred to as “the Act”) dated 31.01.2014 relevant to Assessment Year (AY) 2011-12.
2. The grounds of appeal raised by the assessee are as under:-
Please become a Premium member. If you are already a Premium member, login here to access the full content.
