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TMI Blog2022 (1) TMI 982X X X X Extracts X X X X X X X X Extracts X X X X ..... , equity, weight of evidence, probabilities, facts and circumstances of the appellant's case. 2. The learned A.O. is not justified in denying the deduction claimed by the appellant u/s. 54F of the Act under the facts and in the circumstances of the appellant's case. 3. The appellant craves leave of your Honour to add, alter, amend, rectify, and delete any of the grounds urged above. 4. For the above and other grounds that may be urged at the time of hearing of the appeal, the appellant humbly prays that the appeal may be allowed and Justice rendered." Brief facts of the case are as under: 2. The assessee is a retail trader of cement filed its return of income for year under consideration on 25/09/2013 declaring total income ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ,52 100 X 30 Smt.Meena D Lakhani 9,75,000/- 6 06-03-2013 44, 51 100 X 30 Smt . Meena D Lakhani 97,75,000/- 5. The Ld.AO rejected the submissions by holding that assessee claimed long term capital gain on sale of plots which were developed in 1990 and the sale commenced from 1990-91. He observed that total of 120 plots were carved out from the agricultural land and sold over the years which amounts to business carried out by assessee and the sale of plots during the year was brought to tax as business income. 6. The Ld.AO further denied the exemption claimed by assessee under section 54F due to reclassification of long term capital gains as business income. 7. Aggrieved by the order of Ld.AO, assessee was in appeal before ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... both sides in light of records placed before us.
13. We note that Ld.CIT(A) has not verified the submissions made by assessee in respect of purchase of site. Merely on surmises, the deduction is denied. In our opinion it is a fit case to be remanded to Ld.CIT(A) to carry out necessary verification. Assessee is directed to file all relevant documents in respect of purchase of site in support of its claim. The Ld.CIT(A) is directed to verify all the relevant documents and to consider the claim in accordance with law.
Accordingly this ground raised by assessee stands allowed for statistical purposes.
In the result appeal filed by assessee stands allowed for statistical purposes.
Order pronounced in the open court on 31st August, 2021 X X X X Extracts X X X X X X X X Extracts X X X X
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