9911796707
TMI Blog2014 (5) TMI 5X X X X Extracts X X X X X X X X Extracts X X X X ..... of exemption u/s 54 is allowed – though the CIT(A) has considered the various aspects of the submissions and claim of the assessee which were not before the AO - CIT(A) has not asked for any remand report from the AO in this regard – the matter is required to be remitted back to the AO for fresh consideration – Decided in favour of Revenue. Deletion of undisclosed STCG – Sale of shares - Held that:- CIT(A) was of the view that on a/c of Short Term Gain on sale of shares the AO had ignored the second letter issued by M/s ISF Securities dated 25.11.2011 regarding the transaction with the appellant – revenue contended that the assessee has not submitted cogent reply before the AO - Assessee has submitted the second letter issued by M/s IFS Sec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fter deducing Index Cost of Rs. 4,31,616/- a capital gain of Rs. 38,73,984/- accrued to the assessee. Assessee claimed to have paid Rs. 35 lacs for purchase of a residential house and accordingly, claimed deduction u/s. 54 amounting to Rs. 35,00,000/-. The assessee has submitted a sale deed for a free hold property at Greater Kailash which was in favor of Ms. Nandita Gupta and Shweta Gupta for a total consideration of Rs. 80,00,000/- having 50% shares each in the property. The sale deed was executed by Raman Gupta - Karta of Gupta Traders an HUF. From the details submitted for the payment of the amount, AO was not satisfied that the total amount has been paid. AO was also not satisfied that the property was transferred. AO held as under:- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... man Gupta which clearly shows how the appellant is employee of HUF of Raman Gupta, i.e., MIs Gupta Traders. The appellant and her mother are employees in the HUF and Mr. Raman Gupta with sons and other unmarried daughter are employees of the company. The appellant's family had adopted good tax planning from the beginning. It is not a case of tax evasion. The written submissions of the AR are very clear. The appellant had sold a property which was purchased by her in the year 1991-92. Since this is a Long Term Capital Gain, the AO had confused the transaction by not considering the appellant's submission at assessment stage. The AO in his observation in para 5.iii & 5.iv had mentioned that cheque nos.033892 & 33894 dt.13.12.2007 towa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tted that Ld. CIT(A) has passed reasonable order, after properly appreciating the facts of the case. 7. We have carefully considered the submissions and perused the records. We find that from the perusal of the Ld. CIT(A)'s order, it is apparent that Ld. CIT(A) has considered the various aspects of the submissions and claim of the assessee which were not before the AO. Ld. CIT(A) has not asked for any remand report from the AO in this regard. In these circumstances, in our considered opinion, interest of justice will be served, if this issue is remitted to the file of the AO to consider the issue afresh, after giving the assessee adequate opportunity of being heard. Both the counsel agreed to this proposition. We hold and direct accordingl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as contended before the Ld. CIT(A) that these submissions were filed before the AO at the assessment stage, but AO did not ignore all these facts. In this view of the matter, Ld. CIT(A) deleted the addition of Rs. 1,44,529/-. In this regard, Ld. DR pleaded that Ld. CIT(A) has believed the submissions of the assessee without checking out the same from the AO. In these circumstances, he pleaded that this issue may also be remitted to the file of the AO to consider the same afresh. Ld. Counsel of the assessee relied the order of the Ld. CIT(A). 12. Upon careful consideration, we are of the opinion that this issue also needs to be remitted to the file of the AO to consider the issue afresh, in light of the submissions of the assessee before th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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