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Issues involved: Appeal against order of CIT(A) confirming order of A.O. u/s 154 of the I.T. Act on various grounds.
Issue 1: Whether rectification in the order of the A.O. is possible u/s 154 in light of new evidence. The assessee purchased properties and explained the source of investment. The assessing officer made an addition u/s 69 of the Act. The assessee filed a rectification application u/s 154 stating the vendor had unilaterally cancelled the agreements. The assessing officer dismissed the application, considering it a revision or review of the assessment. The CIT(A) upheld the decision. Issue 2: Examination of new evidence in rectification application. The assessee contended no sale consideration was paid to the vendor, supported by a cancellation deed. The assessing officer had estimated creditworthiness of persons involved and made an addition. The Tribunal noted contradictions in the statements regarding payment of consideration. The cancellation deed, filed later, raised doubts about the nature of transactions. The Tribunal emphasized the need to examine the cancellation deed for justice. Conclusion: The Tribunal allowed the appeal, directing the A.O. to admit the cancellation deed and re-examine the issue in light of the new evidence. The Tribunal emphasized the importance of ensuring justice by considering all relevant documents in the assessment process.
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