ITAT held that the assessee failed to substantiate, with independent evidence, the claim of prior occupation of the old premises to justify the concessional allotment of the redeveloped flat and thereby escape addition under s.56(2)(x). While observing that recital alone is insufficient and the burden of proof rests on the assessee, ITAT considered it appropriate, in the interest of substantial justice, to grant one final opportunity to produce corroborative material before the AO. ITAT therefore set aside the order of the CIT(A) and remanded the matter to the AO for de novo adjudication. ITAT also directed that, if the claim of old occupation is not proved, the AO may examine possible cash consideration and invoke ss.69A and 115BBE, if warranted. The appeal was allowed for statistical purposes.
ITAT held that the assessee failed to substantiate, with independent evidence, the claim of prior occupation of the old premises to justify the concessional allotment of the redeveloped flat and thereby escape addition under s.56(2)(x). While observing that recital alone is insufficient and the burden of proof rests on the assessee, ITAT considered it appropriate, in the interest of substantial justice, to grant one final opportunity to produce corroborative material before the AO. ITAT therefore set aside the order of the CIT(A) and remanded the matter to the AO for de novo adjudication. ITAT also directed that, if the claim of old occupation is not proved, the AO may examine possible cash consideration and invoke ss.69A and 115BBE, if warranted. The appeal was allowed for statistical purposes.
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