TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
When case Id is present, search is done only for this
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Case Laws
of of All Case Laws
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Appeals Remitted for Fresh Consideration due to Interlinked Issues.</h1> <h3>The Income Tax Officer, Ward 4 (3) Versus Shri K.S. Keshavaraju</h3> The Tribunal remitted the Revenue's appeal for A.Y. 2006-07 and the assessee's appeal for A.Y. 2005-06 back to the AO for fresh consideration, as they ... - Issues involved: Appeal by Revenue for A.Y. 2006-07 against CIT(A) order u/s. 143(3) and Appeal by assessee for A.Y. 2005-06 against CIT(A) order u/s. 144.A.Y. 2006-07:The Revenue appealed against the CIT(A)'s direction to assess income on long term capital gains for A.Y. 2005-06 instead of 2006-07 and the consideration of fresh evidence without giving opportunity to AO u/s. 46A of I.T. Rules.The assessee, subject to a joint development agreement, claimed exemption u/s. 54F for capital gains. AO computed long term capital gain and added unexplained cash credit. CIT(A) held profit from land sale as long term capital gains and profit from built-up area sale as short term. Exemption u/s. 54F was denied, but cash credit addition was deleted.A.Y. 2005-06:AO determined capital gains without allowing deduction u/s. 54F. CIT(A) confirmed AO's order except on long term capital gains quantum. Assessee appealed against this order.Judgment:The Tribunal remitted both appeals back to the AO for fresh consideration, as the Revenue's appeal for A.Y. 2006-07 and the assessee's appeal for A.Y. 2005-06 were interlinked. The AO was directed to re-examine the taxability of capital gains after affording a reasonable opportunity to the assessee and decide in accordance with the law. Both appeals were treated as allowed for statistical purposes.
TaxTMI 
TaxTMI 
