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TMI Blog2023 (1) TMI 1085X X X X Extracts X X X X X X X X Extracts X X X X ..... le 46A of the Income Tax Rules, 1962. Accordingly, we set aside the appellate order and remit the matter back to the file of the AO to reconsider the entire facts and material evidences as may be furnished by the assessee and decide the issue afresh in accordance with law by affording sufficient opportunities of being heard to the assessee. Assessee is also directed to furnish complete details before the Assessing Officer as was filed before the ld. CIT(A). Appeal filed by the Revenue is allowed for statistical purposes. - I.T.A. No.3170/Chny/2018 - - - Dated:- 24-1-2023 - Shri V. Durga Rao, Judicial Member And Shri Manoj Kumar Aggarwal, Accountant Member For the Appellant : Shri P. Sajit Kumar, JCIT For the Respondent : Sh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 142(1) of the Act dated 07.09.2017 was issued stating the assessee to file return of income in response to notice under section 148 of the Act and duly served on the assessee on 12.09.2017. In response to this notice, the assessee filed a return of income on 18.09.2017 returning total income of ₹.1,24,41,730/-. After considering the submissions of the assessee and other details, the Assessing Officer has completed the assessment under section 143(3) r.w.s. 147 of the Act dated 30.12.2017 by arriving the long term capital gains at ₹.4,43,17,446/- and deducting the long term capital gain of ₹.98,07,591/- admitted by the assessee, the balance of ₹.3,45,09,855/- was added to the returned income of the assessee. On app ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... house at Joshier Street and hence he is fully within law to claim the benefit of section 54F of the Act. The appellant has settled the house at Shenoy Nagar, Chennai -1/3' share to his sister on 20.01.2010 itself and the copy of the registered settlement deed was filed before the ld. CIT(A). It was further submitted before the ld. CIT(A) that the house at Gangadharapuram, Aranthangi was not a residential house but a commercial building used for running a Cable TV Network. The copy of the registration certificate issued by the Post Office Pudkkottai was filed before the ld. CIT(A). As regards the third house at Arasarkulam Village, Aranthngi, the assessee has submitted before the ld. CIT(A) that the same was gifted to the assessee s wif ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n mutated in wife's name, authenticating the claim of assessee. We may also note that whole Income Tax Act has to be read in harmony, with overall scheme of the law. The personal laws of Mohemmedans stipulate that HIBA, or gift can be oral and there is no requirement to have it compulsorily in writing. Reference can be made to section 64 of Income Tax Act 1961 as per which income from the property transferred for inadequate consideration to wife (i.e. by way of gift etc.) will be clubbed in the hands of husband. 13. Hence, even if the property was validly transferred, the income of the same would still be taxed in the hands of assessee, but for the limited purpose of eligibility u/s 54F, the husband will be well within law to claim ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e find that the assessee has furnished various details and produced documents before the ld. CIT(A) for the first time and the ld. CIT(A) should have called for remand report from the Assessing Officer. However, by considering the details furnished by the assessee, the ld. CIT(A) has deleted the addition of ₹.3,45,09,855/- made by the Assessing Officer appears to be in violation of Rule 46A of the Income Tax Rules, 1962. Accordingly, we set aside the appellate order and remit the matter back to the file of the Assessing Officer to reconsider the entire facts and material evidences as may be furnished by the assessee and decide the issue afresh in accordance with law by affording sufficient opportunities of being heard to the assessee. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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