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Issues involved: Appeal against the order of CIT(Appeals) regarding treatment of capital gain as short term capital gains and denial of exemption u/s. 54(G) of the Income-tax Act, 1961.
Summary: The appeal was filed by the assessee against the order of CIT(Appeals) regarding the treatment of capital gain as short term capital gains and denial of exemption u/s. 54(G) of the Income-tax Act, 1961. The original assessment was completed u/s. 143(3) r.w.s. 147 of the Act, where the property sale was considered as short term capital gain. The assessee sold a property in Bangalore and the Assessing Officer treated the gain as short term capital gain, denying exemption u/s. 54(G) of the Act. The CIT(Appeals) confirmed the AO's decision. The assessee appealed to the ITAT, which set aside the assessment order and directed the AO to reconsider the matter. The AO, on the ITAT's direction, upheld the original decision due to lack of documentary evidence regarding a Notification from the CBDT. The ITAT found that the Notification was indeed furnished before the CIT(A), but was not considered in the decision. Therefore, the ITAT set aside the CIT(A)'s order and remanded the matter back to the AO for fresh adjudication, emphasizing the importance of considering the relevant Notification. The AO was directed to provide a reasonable opportunity for the assessee to be heard. The appeal was allowed for statistical purposes. In conclusion, the ITAT Bangalore remanded the case back to the Assessing Officer for fresh adjudication in accordance with the law, emphasizing the need to consider the relevant Notification from the CBDT that was previously furnished but not taken into account. The assessee was granted a reasonable opportunity to present their case, and the appeal was allowed for statistical purposes.
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