2022 (2) TMI 330

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....l has been filed by the revenue against the order of the ld. CIT(A)-10, New Delhi dated 04.12.2018. 2. Following grounds have been raised by the revenue: "1. Whether Ld. CIT(A) was justified in admitting the additional evidences filed by the assessee during appellate proceedings despite the fact that the assessee was given more than adequate opportunity to submit the documentary evidences in hi....

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....y and thus, the claim exempt income amounting to Rs. 2,50,00,000/- is unsubstantiated." 3. The assessee filed return of income on 30.03.2012 declaring income of Rs. 3,42,84,720/-. It was noticed that the assessee had claimed exemption of Rs. 2.50 crores u/s. 10 of the Income Tax Act, 1961 in respect of sale of paintings being not in the nature of capital asset. As per provisions of Section 2(14)(....

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....ale consideration of art effects has been utilized towards purchase of above property, the capital gain be treated exempt. In the remand report, it has specifically been submitted that additional documents such as copy of bank account statement indicating the transaction of sale of paintings and investment in residential property, affidavit affirming that assessee is entitled for exemption u/s. 54....

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....y the ld. CIT(A) that on the date of such transfer of capital asset, appellant was not in the possession of any other identical house property and the new residential property was purchased on 08.09.2011 within a year from the date of such transfer of capital asset. After examining the submissions made before him, the ld. CIT(A) has found them to be in order and held that the assessee is entitled ....