Ratification of resignation acceptance validates separation retrospectively, while withdrawal may be refused through reasoned administrative discretio...
Nature-dependent electricity contracts receive new Ind AS accounting, hedge designation, transition and financial-statement disclosure requirements fr...
Alternative GST remedy permitted protective writ intervention for ex parte adjudication, preserving independent appellate review of input tax credit d...
Assessment against deceased sole proprietor requires proceedings against the legal representative, rendering prior assessment and appellate orders inv...
In the case before ITAT Delhi, the issue was the admissibility of additional evidence related to Long Term Capital Gains (LTCG) and deduction under section 54F. The assessee submitted evidence to prove that the agricultural land sold was not a capital asset and that the sale consideration was reinvested as per section 54F. The Tribunal held that the additional evidence should be considered under Rule 46A, despite not being presented before the Assessing Officer (AO). The CIT(A) erred in not admitting the evidence, citing a Supreme Court decision. The Tribunal emphasized that the CIT(A) has powers equal to the AO and can accept additional claims without the need for the assessee to revise the return. The appeal was allowed for statistical purposes.
In the case before ITAT Delhi, the issue was the admissibility of additional evidence related to Long Term Capital Gains (LTCG) and deduction under section 54F. The assessee submitted evidence to prove that the agricultural land sold was not a capital asset and that the sale consideration was reinvested as per section 54F. The Tribunal held that the additional evidence should be considered under Rule 46A, despite not being presented before the Assessing Officer (AO). The CIT(A) erred in not admitting the evidence, citing a Supreme Court decision. The Tribunal emphasized that the CIT(A) has powers equal to the AO and can accept additional claims without the need for the assessee to revise the return. The appeal was allowed for statistical purposes.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4801
Join Channel
TaxTMI 
