No addition of LTCG on sale of immovable property as CIT(A)’s order lacks proper reasoning

Asheesh Kumar Sharma Vs ITO (ITAT Delhi) Conclusion: CIT(Appeals) failed to admit the additional evidences which went to the root of the matter for determining the issue of taxability of long term capital gains as was made by AO ignoring the submissions of assessee. Therefore, the case was remanded to AO for fresh assessment, with liberty to assessee to furnish evidence. Held: Assessee filed his return of income for Assessment Year (AY) 2012-13, declaring Rs. 10,20,000. Assessment was reopened based on ITS details indicating the sale of two immovable properties. AO completed the reassessment a...