Remand for fresh evidence on property cost of acquisition and construction, with reassessment directed on merits.

The matter was remanded to the Assessing Officer for fresh adjudication after the assessee was allowed to produce evidence on the cost of acquisition and construction of the immovable property. As no supporting material had been filed before the Assessing Officer or the first appellate authority, the fresh evidence was directed to be accepted and examined in the interest of justice, and the issue was to be decided again on the merits and in accordance with law. The assessee was also directed to cooperate in the remand proceedings.

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Issues: Whether the matter should be remitted to the Assessing Officer for fresh consideration after allowing the assessee to produce evidence relating to the cost of acquisition and construction of the immovable property.

Analysis: The assessee had not produced supporting evidence before the Assessing Officer or the first appellate authority regarding the cost of acquisition or construction. In the interest of justice, the matter was sent back to the Assessing Officer with a direction to accept and examine any fresh evidence produced by the assessee and then decide the issue afresh in accordance with law and on the merits. The assessee was also directed to cooperate in the remand proceedings.

Conclusion: The matter was remanded to the Assessing Officer for fresh adjudication after consideration of additional evidence.

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