TMI Blog2021 (1) TMI 34X X X X Extracts X X X X X X X X Extracts X X X X ..... o furnish all the relevant material in support of her claim, we deem it fit and proper to set aside the order of the CIT(A) and remand the issue to the file of AO for Denovo consideration in accordance with law. Needless to mention that the assessee shall be given a fair opportunity of hearing and shall also be permitted to furnish relevant material to prove her case. Appeal of assessee is treated as allowed for statistical purposes. - I.T.A. No. 274/HYD/2017 - - - Dated:- 21-8-2020 - P. Madhavi Devi, Member (J) And A. Mohan Alankamony, Member (A) For the Appellant : T. Chaitanya Kumar, AR For the Respondents : Nilanjan Dey, DR ORDER P. Madhavi Devi, Member (J) This is assessee's appeal for the AY. 2011-12, dir ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion of capital gain as requested in the notice issued u/s. 142(1) of the Act. The AO, therefore issued a notice for hearing of the case on 10-02-2014 and called for assessee's objections, if any, to the computation of Long Term Capital Gain by him at ₹ 1,04,63,238/-. However, there was no response from the assessee nor was any explanation filed by him. Therefore, the AO considered the full value of consideration as ₹ 1,06,80,000/- being the market value of the property and after allowing indexed cost of acquisition of ₹ 2,16,762/-, he arrived at the Long Term Capital Gain of ₹ 1,04,63,238/-. 3. Aggrieved, the assessee filed an appeal before the CIT(A), contending that the transaction of sale of property, is o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ltural land as per section 2(14)(iii) of the act. 5. The Ld. CIT(A) ought to have appreciated the fact that the land sold by the assessee being agricultural in nature cannot be considered to be a capital asset within the meaning of sec. 2(14) of the act., and accordingly no capital gain can be computed on the sale consideration received by the assessee on sale of such land. 6. The Ld. CIT(A) ought to have appreciated the fact the non disclosure of exempt income does not tantamount to withdrawal of exemption. 7. Without prejudice to the above, in law, on facts and circumstances of the case the Ld. CIT(A) erred in confirming the action of the AO towards enhancing the value of land from ₹ 51,00,000/- to ₹ 1,06,80,000 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... putation of capital gain and also the adoption of the market value u/s. 50C of the Act for computation of capital gain. 6. Ld. DR was also heard, who defended the orders of the authorities below. 7. Having regard to the rival contentions and material on record, we find that there was no representation of assessee before the assessing authority and before the CIT(A), the assessee pleaded that the land sold is agricultural land. However, the assessee has not produced any evidence before the CIT(A) to prove the exact nature of the agricultural land and also has not raised any objection as to why the sale consideration should not be adopted at ₹ 1,04,63,238/-. Since the assessee pleaded that proper opportunity was not given to the a ..... X X X X Extracts X X X X X X X X Extracts X X X X
|