TaxTMI 
TaxTMI 
2025 (4) TMI 1921
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....peal of the assessee. 2. The brief facts of the case are that, the assessee is an individual and filed return of income on 30.03.2019 for AY 2018-19 declaring total income of Rs. 15,35,670/-. The case was selected for scrutiny as there was specific information of tax evasion and accordingly statutory notice u/s 143(2) was issued on 30.09.2020 and later on notice u/s 142(1) of the Act alongwith questionnaire was issued on 12.09.2021. As per information on 27.10.17, the assessee has sold a property with agreement value Rs. 26,08,000/- whereas stamp value was Rs. 41,90,000/- hence capital gain was to be calculated on 41,90,000/-, therefore assessee was asked all necessary documents. In response to various show cause notices between 17th Mar....
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....of disallowance of exemption claimed u/s 54F of the Income Tax Act, 1961 which was claimed by the appellant against sale of commercial property made during the year under review. The appellant state that during the year the appellant sold a commercial property which was jointly & equally owned by the appellant and his brother Samir Rasiklal Thakkar. Proportionate sales consideration of the same amounted to Rs. 20,95,000/- (50% of Rs. 41,90,000/- actual sales consideration) and proportionate Capital gains to the appellant on the aforesaid property arrived at Rs. 6,26,963/-. The appellant thereafter purchased a residential flat namely A-1505-Enigma, LBS Road, Mulund (West), Mumbai-400080, Maharashtra from M/S Oberoi Constructions Limited duri....
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....(Part E) for the year under review. We hereby state that the form 26AS was submitted during the course of assessment proceeding u/s 143(3) of the Income Tax Act, 1961 & at the time of appellate proceedings u/s 250 of the Income Tax Act, 1961. 5. The appellant states that from the above it was evident that a purchase of residential property has been carried out and the said transaction was genuine and hence eligible for claiming of exemption u/s 54F. 6. The appellant states that the learned Commissioner of Income Tax (Appeals) required specific documents i.e. Purchase agreement of the residential property & bank statement highlighting the said property however, the non-submission of the said documents cannot be the base of ....
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....er these documents to be necessary at that time despite due diligence exercised by the assessee. 7. The Ld. DR on the other hand opposed the admission of additional evidence stating they have failed to show the sufficient justification for filing the requisite information before the Ld. AO despite opportunity given to the assessee. 8. We have considered the rival submissions of both parties regarding admission of additional evidence. 9. Now the question before us is whether the assessee/ appellant can be permitted additional evidence in order to establish that he has purchased a new house and entitled to exemption u/s 54F of the Act. 10. The assessee /appellant has sought permission of the additional evidence under Rule 29 of th....
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....essee did not fall in any of the four exceptions set out in sub-rule (1) of rule 46A. In fact, the present case would fall under clause (c) of subrule (1) of rule 46A because the assessee had no occasion to collect this evidence earlier. He could have reasonably expected that the creditors will appear before the Income-tax Officer in compliance with the summons issued by him. He was never informed by the Income-tax Officer that the creditors were not available or unidentifiable. If he had been informed by the Income-tax Officer in the course of assessment proceedings that he was not inclined to accept the loans as genuine because of the nonavailability of the creditors, he could have tried to satisfy him about the genuineness of the loan by....
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....e. For the above reasons, we find reason to allow the additional evidence filed by the assessee /appellant to prove the purchase of the new house and to claim the exemption of the amount which has been denied and added to the total income. In case the documents sought to be filed as additional evidence are allowed and considered by the revenue authorities, the same may help the assessee in justifying the exemption claim u/s 54F of the Act before the AO. For these reasons, the end of justice requires that assessee be given opportunity to file additional evidence in support of his claim u/s 54F of the Act for purchasing a new house and seeking adjustment /exemption from the total income. 13. Further, Rule 30 of the Appellate Tribunal Rules....