Case Law Details
Smt. Yoga Sikka Vs ITO (ITAT Delhi)
There is no dispute that the assessee has invested the full sale consideration received on the sale of jewellery in the purchase of the plot of land. It is also not in dispute that before the lower authorities the assessee could not adduce any evidence. The certificate from municipal corporation, Moradabad has been furnished for the first time. In the interest of justice I restore this issue to the files of the Assessing Officer. The Assessing Officer is directed to verify the certificate of construction issued by Municipal Corporation, Moradabad and decide the issue afresh as per provisions of law, keeping in mind that the cost of investment in land is also part of cost of construction of the residential house to avail the exemption u/s. 54F Act. Needless to mention the Assessing Officer shall give a reasonable opportunity of being heard to the assessee.
FULL TEXT OF THE ITAT JUDGEMENT
1. This appeal by the assessee is preferred against the order of the Commissioner of Income Tax [Appeals], Moradabad, dated 30.08.2017 for Assessment Year 2014-15.
2. The only grievance of the assessee is that the CIT(A) erred in confirming the addition made by the Assessing Officer on account of long term capital gain on sale of jewellery amounting to Rs.4,88,902/-.
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