2020 (1) TMI 1700 - AT - Income Tax

Assessee's Appeal Remitted for Fresh Examination; New Evidence Permitted for A.Y. 2016-17, Cooperation Directed.

Sri Somasundaram Vijaya Versus Income Tax Officer, Kumar, Ward-4 (1), Hyderabad.

The appeal by the assessee against the order of the CIT(A)-1, Hyderabad, concerning A.Y. 2016-17, was remitted back to the AO for fresh examination. The ... Reopening of assessment u/s 147 - determination of the indexed cost of capital asset sold as determined by the AO - Whether market value fixed by the Sub-registrar at Rs. 250/- per sft cannot be applied against the cost of construction estimated by the Registered Valuer? - AR submitted before us that the entire addition was due to the fact that the assessee had failed to produce evidence with respect to the cost of acquisition / construction of his immovable property and pleaded by stating that one more opportunity may be provided. HELD THAT:- We do not appreciate the fact that the assessee had failed to produce the required evidence before the ld. AO at the time of assessment proceedings and further failed to do so before the first appellate authority, considering the prayer of the assessee, in the interest of justice, we hereby remit the appeal back to the file of the Ld. AO with directions to accept and examine any fresh evidence produced by the assessee and thereafter decide the matter in accordance with law and merit afresh. Also direct the assessee to co-operate with the ld. Revenue Authorities in their proceedings failing which the ld. Revenue Authorities shall be at liberty to adjudicate the issue based on the materials on record. Appeal of the assessee is allowed for statistical purposes The appeal was filed by the assessee against the order of the Ld. CIT(A)-1, Hyderabad in appeal No.10492/2018-19/ITO-4(1)/CIT(A)- 1/Hyd/2019-20, dated 25/6/2019 for the A.Y. 2016-17. The assessee raised grounds related to initiation of proceedings U/s. 147, determination of indexed cost of capital asset, and other issues. The AR requested another opportunity to produce evidence, which was granted. The appeal was remitted back to the Ld. AO for fresh examination based on any new evidence provided by the assessee. The assessee was directed to cooperate with the Revenue Authorities. The appeal of the assessee was allowed for statistical purposes.