The Income Tax Appellate Tribunal (ITAT), Hyderabad bench has passed a women-friendly ruling wherein the assessee, a housewife, is not so familiar to the tax proceedings, was granted a fresh opportunity to submit the documents relevant for the assessment under the Income Tax Act, 1961.
The assessee, a Housewife, had sold along with certain other three individuals a commercial property for Rs. 80 lakhs. The Assessing Officer invoked section 50C and after granting the benefit of indexation and cost of improvement, computed the LTCG at Rs. 99,39,240/- for the entire sale of the asset and further, denied the benefit of deduction under sections 54 and 54F of the Act by stating that she already owns one residential house other than the property sold.
On appeal, the first appellate authority dismissed the appeal of the assessee and confirmed the order of the Ld.AO for denying the benefit of deduction under section 54F of the Act because the assessee has not furnished any cogent evidence.
After hearing the arguments from both sides, the Tribunal observed that it is quite relevant for deciding the claim of the assessee for obtaining the benefit of deduction U/s. 54 / 54F of the Act.
Granting the assessee a fresh opportunity to submit the relevant documents, the Tribunal observed that “we also find that the assessee is not engaged in any other activities and solely dependent on her husband/family. Therefore, it is quite possible that the assessee might not have been able to provide the required documents before the Ld. Revenue Authorities at the time of the hearing. Hence, in the interest of justice, we hereby remit the matter back to the file of Ld. AO with directions to admit the additional evidence filed before us and also any other relevant documents filed by the assessee for the first time and thereafter decide the issue afresh in accordance with merit and law after providing a proper opportunity to the assessee of being heard.”
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