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TMI Blog2022 (1) TMI 934X X X X Extracts X X X X X X X X Extracts X X X X ..... tradictory. Furthermore, assessee has submitted a valuers report regarding the valuation and cost of improvement, which have been rejected by the Ld.CIT(A) without AO s comment or any cogent reasoning. Hence, on the facts and circumstances of the case, in the interest of justice, the issues raised in the appeal are remitted to the file of AO. The AO shall consider the issue afresh after giving the assessee proper opportunity of being heard. The Ld. Counsel of the assessee has undertaken to cooperate before the AO in the assessment. Appeal by the assessee stands allowed statistical purposes. - I.T.A. No. 4168/Mum/2019 - - - Dated:- 14-1-2022 - Shri Shamim Yahya, Accountant Member For the Assessee : Satya Prakash For the Depa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ins without ' allowing deduction for Cost of acquisition. Ground No. 6: On the facts and in the circumstances of the case and in law, the learned CIT (A) grossly erred in not considering that the Appellant had acquired the property under a will from his father and therefore as per the provisions of Section 49(1), he cost of acquisition of previous owner I becomes cost of acquisition of the Appellant and the period of holding of the previous owner has to be considered while determining the period of holding in the hands of the Appellant as held by the Hon'ble Bombay High Court in the case of Manjula Shah 204 Taxman 691 (Bom). 3. Brief facts of the case are that the assessment in this case was framed under section 143(3 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ness Income made by the assessee cannot be relied upon. In this view of the matter, the assessee s business income is estimated at ₹ 70,000/- as against ₹ 38,640/- declared by the assessee. In the computation of income, assessee has claimed deduction under chapter VIA as sum of ₹ 75,508 u/s. 80C of the I.T.Act. However, in the absence of any documentary evidence in support of the claim, the same is disallowed and added to the total income of the assessee. 5. Upon assesees appeal, Ld.CIT(A) noted that assessee has submitted additional evidences. These were remanded to the AO. But, the AO objected to the admission of additional evidences, Ld.CIT(A) confirmed the addition of short term capital gain of ₹ 45 lacs. T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ately ₹ 20 lacs for the F.Y. 2009-10. If so, as per cost inflation index, the value as on 1.4.1981 could be approximately ₹ 3,16,500/-which is the maximum. Therefore, the valuation report furnished now by the assessee cannot be relied upon and the value as determined therein of the property cannot be incorporated. The appellant's AR has not extended any evidence even now in respect to the cost of improvement nor there is any mention of the sale in the application. Similarly, the AO with regard to Exhibit E which is in support of claim of deduction under chapter VIA of ₹ 20,508/- which could be considered for allowance out of the total gross income. After considering the remand report received from the AO has been fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Counsel of the assessee submitted that assessee was not properly presented before the authorities below. He submitted that the additional evidences were submitted before the Ld.CIT(A). The AO objected to the same. Despite accepting that assesses claim should be accepted as long term capital gain, in the concluding portion Ld.CIT(A) has confirmed the addition as short term capital gain. He pleaded that an opportunity may be granted to the assessee to present the case properly along with the evidences to the AO. On the other hand, Ld. DR relied upon the orders of the revenue authorities. 8. Upon careful consideration, I note that the AO has not commented upon the additional evidences. Ld. CIT(A) is taking cognizance of the addition eviden ..... X X X X Extracts X X X X X X X X Extracts X X X X
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