TaxTMI 
TaxTMI 
2018 (6) TMI 289
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....assessee and material on record. 2. The appellant denies his liability to tax as upheld by the Ld. CIT(A) and determined and computed by the AO and the manner in which it has been so determined or computed. 3. The Ld. CIT(A) has erred in law and on facts in sustaining the impugned additions of the extent of Rs. 25,00,000/- on account of undisclosed short term capital gains ignoring the fact and circumstances of the case. Prayer 4. The appellant crave leave and sanction of the ITAT to file additional evidence, if so required for proper prosecution of the case, based on facts and circumstances, which has not been or could not be adduced or filed before lower authorities either because proper and sufficient opportunity was not provided or ....
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....aside the issues in dispute to the AO with the directions to decide the same afresh under the law, on the basis of the revised computation for the AY 2012-13 and pass a speaking order. He also relied upon the decision of the ITAT, F-Bench, Mumbai dated 13.10.2015 passed in the case of Furniture concepts (I) Ltd. Vs. ACIT reported (2015) 64 taxmann.com 47 (Mumbai)- Trib.) 4. On the contrary, Ld. DR relied upon the orders passed by the lower authorities, but did not controvert the decision relied upon the by the Ld. Counsel of the assessee. 5. I have heard both the parties and perused the records, especially the para no. 4.4.2 of the impugned order passed by the Ld. CIT(A) wherein it was mentioned that AO has wrongly rejected the revised com....
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.... other hand, the ld. DR, though defended the conclusion arrived at in the impugned order, but had no objection if the matter is remanded to the file of the ld. Assessing Officer for fresh consideration. 2.1. We have considered the rival submissions and perused the material available on record. The facts, in brief, are that the assessee, a limited company, engaged in the business of trading/reselling of imported/local furniture and other related items. The assessee for the impugned assessment year, filed its return on 2611112007, declaring nil assessable income after adjusting the previous brought forward losses. The return was accompanied by audited accounts along with audit report u/s 44AB of the Income Tax Act, 1961 (hereinafter the Ac....
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.... by following the decision from Hon'ble Apex Court in Addl. eIT v. Gurjargravures (P.) Ltd. [1978] 111 ITR 1, wherein, it was held that the assessee is entitled to raise not merely additional legal submissions, before the appellate authorities, but also entitled to raise additional claim before them and further appellate authorities have discretion to permit such additional claims. Thus, we are of the view, that even otherwise, the mandate of the constitution is to levy and collect due taxes, therefore, we remand this issue to the file of the ld. Assessing Officer to examine the claim of the assessee afresh and decide in accordance with law. The assessee be given opportunity of being heard. Thus, this ground of the assessee is allowed f....