2014 (6) TMI 1030

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.... 1. The learned CIT(A) failed to appreciate that the amount received on account of capital gain has been invested in the REC Bonds as an when the bonds were available in the market. 2. Even though the Central Government vide notification dated 22nd December 2006 has allowed REC to issue additional bonds of series VIA for an amount of Rs. 3,500 crore during the period from 26th December 2006 to 31st March 2007, subject to the following conditions:- (a) A person who has made an investment of an amount aggregation more than fifty lakhs rupees in the bonds of REC and NHAI notified on 29.06.2006 shall not be allotted any bonds out of bonds Rs. 3,500 crores. (b) In case any other person, the aggregate of investment in....

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....not getting any benefit from the same so the addition of Rs. 41,39,905 is unjustified and may be deleted. 5. That the Appellant craves, leave, to add, to alter, amend, modify, substitute, delete and or rescind all or any of the ground of appeal on or before the final hearing, if necessary so arises."   2. However  at the time of hearing, Ld. AR inviting attention to the petition dated 14.09.2011 available on record filed under Rule 11 of the ITAT Rules submitted that the assessee would want to raise the following two grounds :- "That on the facts and in the circumstances of the case and in law, the capital gains on land sold by assessee in subject year is non chargeable to tax as the underlying land is rural u....

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....not available during the Appellant proceedings and Assessment proceeding, therefore the same could not be submitted to the learned CIT(A) and learned A.O."     No.F.1(1)/SDM/PB/2011/4990          Dated 2/8/11 To, Lt. Col (Retd.) Virendra Singh Village Bakkarwala, Delhi-41. Subject:-Regarding status of Khasra No.73/23. Village Bakkarwala. Sir, Kindly refer to your letter dated 01.08.2011 on the above cited subject it is informed that the ownership of Khasra No.73/23(4-16), 24/2/2(1-0), 74/2(5-0), 3(4-16), 8(1-14) total area 17 bigha 6 biswa Village Bakkarwala is in the name of SH. Mahender Singh, VIrender Singh, Mahabir ....

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....p; The assessee has 1/3rd share in the land.  The AO observed that the assessee earned capital gain amounting to Rs. 41,39,905/-. ........................................................................................................."   3.2. In these circumstances, relying upon the judgement of the Apex Court in the case of NTPC it was his submission that the additional ground raised may be admitted and the evidence necessary to adjudicate on the issue may also be considered after admission. 4. Ld. Sr. DR stated that no doubt the AO and the CIT(A) have taken cognizance of the fact that the sale of land at village Bakkarwala wherein the assessee had 1/3 share however no such argument was raised before the authoriti....