Malav Jashwantlal Shah Vs ITO (ITAT Ahmedabad)
ITAT Ahmedabad remanded the matter back to the file of CIT(A) in the case of denial of exemption under section 54F of the Income Tax Act since new evidences were furnished by the assessee before Tribunal which have not been evaluated by CIT(A).
Facts- The return of the assessee was taken for scrutiny assessment. The assessee claimed Long Term Capital Gain on sale of land of Rs. 1,41,43,038/- and claimed exemption u/s. 54F of the Act reinvestment in a residential house. AO found that the assessee has constructed house on a plot of land, which is an agricultural land. The assessee has not furnished conversion certificate for residential purpose from the Competent Authority, therefore the claim of exemption u/s. 54F is not applicable.
CIT(A) also denied the claim of exemption u/s. 54F. Being aggrieved, the present appeal is filed.
Conclusion- Held that though assessee filed a Paper Book before us containing various details about the new residential property as well as Municipal Corporation Tax receipt and other details of three commercial properties owned by the assessee and leased to State Bank of India, Axis Bank and New India Assurance Company which are new evidences filed for the first time before this Therefore in the interest of justice, without adjudicating on merits of the case, we deem it fit to set aside the matter back to the file of Ld. CIT(A) to decide the case on merits after taking in into account, the new documents filed by the assessee (before this Tribunal) and by giving reasonable opportunity of hearing to the assessee and also if necessary, call for a remand report from the Assessing Officer.
