9911796707
TMI Blog2015 (5) TMI 1098X X X X Extracts X X X X X X X X Extracts X X X X ..... cannot be possible to confront the outcome of the inquiry to the assessee and allow him sufficient time to furnish the reply in rebuttal. Therefore, in our opinion, it would meet the ends of justice if the orders of the authorities below are set aside and the matter is restored back to the file of the Assessing Officer. We order accordingly and direct the Assessing Officer to supply the copy of the Inspector Report, Panchnama and any other material if collected behind the back of the assessee which the Department proposes to utilize against the assessee. The Assessing Officer is also directed to allow adequate opportunity to the assessee for submission of his reply as well as any evidence in support of his claim that construction of reside ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d relied upon were not provided to the assessee for explanation/rebuttal rendering the disallowance as bad in law. 3. Ground Nos. 4 to 10 are only arguments in respect of above Ground Nos. 1, 2 and 3. 4. At the time of hearing before us, it is submitted by the ld. Counsel that during the year under consideration, the assessee claimed exemption u/s 54F against the Long Term Capital Gain of ₹ 1,46,11,826/-. That the Assessing Officer denied the exemption claimed by the assessee u/s 54F on the ground that the assessee did not make the investment for the acquisition of new residential house within the period of two years after the date of transfer. In support of his contention, the Assessing Officer has relied upon the Inspection Re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d by the ld. Counsel that since the adequate time was not allowed by the Assessing Officer, the assessee was not able to give any factual details and only furnished the legal arguments in its reply dated 31.01.2014. He stated that ultimately the building has been constructed on the aforesaid plot and therefore, the contention of the Assessing Officer that no building was constructed is factually incorrect. 7. We have carefully considered the arguments of both the sides and perused the material placed before us. From page No.6, paragraph No.5 of the assessment order, it is evident that physical inspection of the plots was done by the Inspector of Income-tax on 24.01.2014 for which he furnished the field inquiry report with the Assessing O ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... if the orders of the authorities below are set aside and the matter is restored back to the file of the Assessing Officer. We order accordingly and direct the Assessing Officer to supply the copy of the Inspector Report, Panchnama and any other material if collected behind the back of the assessee which the Department proposes to utilize against the assessee. The Assessing Officer is also directed to allow adequate opportunity to the assessee for submission of his reply as well as any evidence in support of his claim that construction of residential house was done within stipulated time as per Section 54F. Thereafter, he will readjudicate the issue in accordance with law. 8. The only other ground raised in this appeal by the assessee is ..... X X X X Extracts X X X X X X X X Extracts X X X X
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