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TMI Blog2014 (6) TMI 1030X X X X Extracts X X X X X X X X Extracts X X X X ..... ed to be admitted. The prayer of the Ld. Sr. DR, Mr. Sameer Sharma that the issue has to be restored to the AO has merit as the facts necessarily are required to be looked into at the stage of the Assessing Officer. After admitting the additional ground and the additional evidence to restore the issue back to the file of the Assessing Officer with the direction to adjudicate thereon by way of a speaking order in accordance with law. The additional evidence filed by the assessee needless to say shall be taken into consideration while deciding the issue. The assessee would be at liberty to place whatever other evidence it has in its possession order to support its claim. Appeal of the assessee is allowed for statistical purposes. - I.T. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fifty lakhs rupees. (c) Further, with a view to remove the hardship caused to taxpayers because of non availability of the bonds, the Central Board of Direct taxes, has issued an order under section 119(2)(c) of the Income Tax Act 1961 on 26.12.2006 extending the time limitation for making the investments under section 54EC up to 31.03.2007 in case of persons where long term capital assets was transferred between 29.09.2005 and 30.09.2006 (both dates inclusive) 3. Due to the Point No-2(c) the appellant could not make the investment because of his date of transfer of long term capital assets was 25th October 2006 which was beyond the cut of date of 30th September 2006, so the appellant on the basis of some professional a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the circumstances of the case and in law, since cost of subject land is inderminate (being not capable of determination), on basis of Hon ble SC ruling in B.C.Shirnivassa Shetty, capital gains charge on said land is neutralized and hence not taxable under the Act. 3. In support of the admission of the same it was a submission that the assessee would also want to raise additional evidence under Rule 29 of the ITAT Rules which is supported by affidavit of the assessee wherein the specific land sold identified is stated to be beyond 8 kms of municipality. The said claim it was pointed out is supported by the letter dated 02.08.2011 of Tehsildar/Exe. Magistrate, Office of S.D.M. For ready-reference the relevant extract fr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (SUNIL SHANWAL) Tehsildar (PUNJABI BAGH) 3.1. Relying on the above it was submitted that the evidences are crucial for determining the issue which ground unfortunately the retired Lt. Col. Of the Indian Army could not raise due to the advise received by him on account of which the basic fact i.e. sale of agricultural land governed u/s 2(14) was not challenged. Since the issue goes to be very root of the matter accordingly in the interests of justice the additional grounds may be admitted. On query it was submitted the ground arises from the impugned order as cognizance of the sale of this specific land has been taken note by the AO and the CIT(A) and unfortunately the assessee did not agitate this basic issue and o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... heard the rival submissions and perused the material available on record. On a perusal of the same, we are of the view that the ground raised by the assessee in terms of nature of land u/s 2(14) of the Act is a legal ground, as such in the interests of substantial justice in order to decide the issue of taxability of the specific income stated to have arisen as a result of sale of a specific land the issue is germane and goes to the root of the matter, the same is directed to be admitted. Considering the plea of additional evidence , we also hold that the same is relevant and crucial for determining the issue as such the same is also directed to be admitted. The prayer of the Ld. Sr. DR, Mr. Sameer Sharma that the issue has to be restore ..... X X X X Extracts X X X X X X X X Extracts X X X X
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