MR. RAVI AGARWAL,GWALIOR vs. ITO(IT&TP), BHOPAL

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ITA 10/AGR/2022Status: HeardITAT Agra07 November 2023AY 2016-172 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal decided to remand the case back to the Assessing Officer. This was to allow for a fresh examination and determination of capital gains, considering the sale and purchase of capital assets.

What were the facts?

The assessee filed an appeal against the CIT(A) order. The assessee raised an additional ground regarding deduction under Section 54F, which was not previously claimed or considered. Both parties agreed that the matter needed examination by the Assessing Officer.

What were the issues?

Whether the assessee is eligible for deduction under Section 54F on capital gains, and the proper calculation of such gains.

Which sections of the Income-tax Act were involved?

Section 54F

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, ‘SMC‘ BENCH

For Appellant: Shri Ajay Wadjikar, CA
For Respondent: Shri Shailendra Srivastava, Sr. DR
Hearing: 06/11/2023Pronounced: 07/11/2023

O R D E R PER DR. B.R.R. KUMAR : The present appeal has been filed by the assessee against the order of ld. CIT(A)-13, Ahmedabad dated 28.06.2019.

2.

Heard the arguments of both the parties and perused the material available on record.

3.

The assessee has filed additional ground of appeal relating to claiming of deduction u/s. 54F, which was neither claimed to return of income nor brought before the lower authorities. It was prayed that the matter of earning of capital gains and investment in the new flat have to be examined to determine the exact capital gains taxable. Both the parties fairly accepted the contention that matter needs to be Ravi Agrawal examined at the level of the Assessing Officer after taking into consideration the sale and purchase of the capital assets, in this case the flats. Hence in the interest of justice the matter is being reminded to the A.O. for examination and determination of capital gains afresh by conducting the assessment proceedings de novo.

4.

In the result, the appeal of the assessee is allowed for statistical purposes. Order pronounced in the open court on 07/11/2023. Sd/- Sd/- (YOGESH KUMAR US) (DR.B.R.R. KUMAR) JUDICIAL MEMBER ACCOUNTANT MEMBER Delhi; Dated 07/11/2023 NV Copy of the Order forwarded to :

1. 1. The Appellant 2. The Respondent.

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