TaxTMI 
TaxTMI 
2026 (7) TMI 488
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....ct in its true sense, according to which assessment completed u/s 144 could be set aside to the file of AO only for making fresh assessment, whereas Id.CIT(A) has adjudicated the appeal partly and has set aside a part of assessment. Appellant prays that order so passed by ld.CIT(A) is beyond jurisdiction, being passed in contradiction to the specific provisions of the Act and thus deserves to be quashed. 2. On the facts and in the circumstances of the case and in law, ld. CIT(A) grossly erred in setting aside the case to the file of Id. AO to re-determine Long Term Capital Gain arbitrarily. 2.1. That, Id. CIT(A) has further erred in not allowing indexed cost of construction of Rs. 12,92,340/- claimed by assessee, even though assessee has furnished the valuation report from the registered Valuer, which was neither challenged by ld. CIT(A) nor by ld. AO in remand report. Appellant prays that ld.CIT(A) not only admitted additional evidences furnished by assessee and sought remand report on same from AO (though there is no reference of remand report in the appellate order), but also allowed the exemption to the tune of Rs. 7,00,000/- u/s 54 of the Act after considerin....
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....ee. 5. Ld. Counsel for the assessee pointed out from the order of Ld. CIT(A) that during appellate proceedings, the assessee submitted additional evidences corroborating the claims denied to it which were forwarded to the AO for his report thereto; that the report of the AO was received, but however, the Ld. CIT(A) exercising his powers u/s 251(1)(a) of the Act set aside the assessment and restored the issue back to the file of AO for making a fresh assessment. 6. He pointed out that at the same time, the Ld. CIT(A) perusing the documents filed by the assessee held that the assessee had submitted sufficient evidences demonstrating purchase of a property for Rs. 7,00,000/- from one Smt. Renu Gupta through banking channels, and had also furnished electricity bill of the new property, and accordingly allowed assessee's claim of deduction/exemption of the capital gains to the extent of Rs. 7,00,000/-. 7. The contentions of the Ld. Counsel for the assessee before me was that, the Ld. CIT(A) after having sought a remand report from the AO on the additional evidences filed by the assessee, and the AO having given no adverse view with respect to the additional evidences filed coul....
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....ount of acquisition of new residential property. 12. In the absence of any cooperation by the assessee during the assessment proceedings, the AO had allowed the assessee only benefit of indexed cost of acquisition against the sale consideration in his order passed u/s 144 of the Act. Before the Ld. CIT(A), the assessee had admittedly filed all additional evidences corroborating his claim of both the indexed cost of improvement of the property sold as also the investment made by him in the new property. 13. In this regard, my attention was drawn to the copy of the application under Rule 46A of Income Tax Rules 1962 along with affidavit of the assessee placed at paper book page No.74 to 79, more particularly my attention was drawn to page No.76 pointing out that the assessee had furnished additional evidences in the form of documents which include:- 1) Valuation report of property sold as well as property purchased. 2) Electricity bill pertaining to property purchase. 14. Thereafter, my attention was drawn to the remand report of the AO placed at paper book Page No.90 to 92, more particularly page No.91 regarding the comments of the AO noting that the asses....
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....II, Thekda, Kota:-On perusal of agreement dated 20.03.2018, it is noticed that the assessee purchased a plot no.59-A, Aastha Nagar-II, Thekda, Kota for Rs. 7,00,000/-. Entry of payment made by the assessee of Rs. 7,00,000/- is reflected in bank statement of the assessee. Further on verification of bank statement furnished by the assesseeupto F.Y. 2017-18, one cash withdrawal entry of Rs. 3,30,000/- is reflecting which may be considered as withdrawal for construction purpose. The assessee has not furnished bank statement for further financial years such as for F.Y. 2018-19 and F.Y. 2019-20 to strengthen his claim for exemption u/s 54 of Rs. 25,80,000/-. 16. It is evident from the above, that, necessary documents were furnished by the assessee to the Ld. CIT(A) during appellate proceedings which were entertained and admitted by him for adjudication of the issue before him as per Rule 46 A of the Income Tax Rules and were confronted to the AO for his comments thereon, who after examining the same found merit in the assessee's claim of having sold a house on basis of land owned by him. He also acknowledges the fact of a valuation report being submitted by the assessee from a Governm....