Gopal Kundu Roy Vs ITO (ITAT Kolkata)
When AO Treats ROI as ‘Not Filed’: Tribunal Sends 54F Dispute Back for Re-examination
The dispute arose when AO reopened the case u/s 147 on the premise that Assessee had not filed ROI, treating the sale consideration as Rs. 3,00,000 instead of Rs. 15,00,000, & adopted stamp value of Rs. 15,09,374 for computing LTCG. Assessee however produced before Tribunal the original ROI filed u/s 139(1) wherein the sale transaction was duly reported & exemption u/s 54F was claimed based on investment in construction of a house.
CIT(A) dismissed the appeal since Assessee did not furnish construction bills, proof or completion certificate, despite repeated opportunities. Before Tribunal, Assessee filed sale deed, ROI & paper-book to substantiate claim. Tribunal noted that these documents were not considered by AO/CIT(A) & held that, in the interest of justice, the matter requires fresh examination.
Accordingly, Tribunal set aside the orders of AO & CIT(A) & remitted the matter back to AO for de-novo adjudication after giving one more opportunity to Assessee, while cautioning that non-cooperation would entitle AO to pass order based on available material. Appeal allowed for statistical purposes.
FULL TEXT OF THE ORDER OF ITAT KOLKATA
