TaxTMI 
TaxTMI 
TaxTMI 
2025 (7) TMI 1306
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.... without properly appreciating the source of investment and documentary evidence submitted by the appellant. The addition has been sustained solely on presumptions and conjectures, which is unsustainable in law. 2. The learned CIT(A) erred in affirming the order of the Assessing Officer (AO) without properly considering the submissions, documentary evidence, and legal contentions submitted by the appellant, thereby violating the principles of natural justice. 3. The learned CIT(A) erred in rejecting the additional evidence submitted by the appellant solely on the ground that the AO did not comment on it, without conducting an independent verification or recording proper reasons for its rejection, which is contrary to Rule 46A of the Inc....
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....ent in the property has been made out of sales proceeds of a land at Indore in July, 2013 for Rs. 1,60,05,000/-. It is pertinent to mention here that the assessee has not filed any documentary evidence regarding the sale of land has claimed by her. Further it is found-that the assessee has not filed any return of income for the A.Y.14-15 as a result of which she failed to disclose the sale of land at Indore for Rs. 1,60,05,000/- as well as she failed to pay the capital gain, if any arised on the sale of land at Indore. So far as the claim of the assessee that she had availed exemption under section 54F on the sale of above Land at Indore is baseless because for claiming the exemption one has to file his/her return of income, otherwise the s....
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....tice u/s.143(2) dated 14/10/2021 issued to file reply. Thereafter Notice u/s.142(1) was issued alongwith questionnaire, whereby, the appellant was asked to submit source of investment regarding purchase of land of Rs. 2,78,87,860/- in response to which it had been submitted that the same was made out of sale proceeds of land at Indore in july,2013 for Rs. 1,60,05,000/-. However no documentary evidence regarding sale of land was submitted. Further it was also found that the appellant had failed to filed ITR for the A.Y 2014-15 as a result of which capital gain of the said land could not be ascertained and therefore the claim of the appellant she had availed under section 54F on the sale of such land at Indore was treated by the AO to be inad....
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....e AO as well as the submission made by the appellant. It is observed that the AO in his order had stated that the appellant had failed to file ITR for the year under consideration within the due date. Later the said 1TR was filed only in response to notice U/s 148 of the Act declaring nil income. The AC ores of the view that since the appellant had filed her ITR declaring rill income, the plea of the appellant that she had availed exemption u/s.54F on the sale of land at Indore during the year under consideration was baseless because for claiming, exemption one has to file ITR within the due date. Therefore the AO had no option but treat the investment made in purchase of property aggregating to Rs. 2,93,14,320/- as unexplained investment....
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....f natural justice one opportunity may be provided. 5. The Ld. Sr. DR conceded to the prayer of the Ld. Counsel for the assessee. 6. Having heard the parties herein and considering the documents/material available on record, we are of the considered view that one final opportunity should be provided to the assessee so that the matter is revisited at the level of the Ld. CIT(Appeals)/NFAC and the assessee can demonstrate through the documentary evidence justifying her claim of exemption u/s. 54F of the Act. That as evident from the findings of the Ld. CIT(Appeals)/NFAC that since during the course of appeal proceedings, the assessee had not submitted any documentary evidence regarding such claim of exemption u/s. 54F of the Act, therefore, ....