2014 (1) TMI 1661

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....he order dated 22/05/2012 of CIT(A)-III, Jaipur. The following grounds have been raised in this appeal: "1. The Ld. Assessing Officer has erred in fact and in law in making addition of Long Term Capital Gain of Rs. 3,04,24,409/- and not allowing deduction u/s 54F. 2. The Ld. Assessing Officer has erred in fact and in law in making addition of Rs. 46,99,000/- treating it as undisclosed sources.....

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....ved Rs. 3,62,32,310/- for his share. The AO considered the indexed cost of acquisition at Rs. 31,701/- and allowed the deduction under section 54B of the Act on account of investment made in the properties for a sum of Rs. 57,76,200/- and worked out the long term capital gain of Rs. 3,04,24,409/- which was added to the income of the assessee. The AO also noticed that the assessee deposited a sum o....

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....unsel for the assessee submitted that neither AO nor Ld. CIT(A) has given proper opportunity of being heard to the assessee to explain and defend the various additions made by the AO, therefore, the additions are sustained in arbitrary manner. It was prayed that the case may be sent back to the AO, so that the assessee can explain its case. 5. In his rival submissions, Ld. D.R. stated that the as....