KAMLESH TANDON,AGRA vs. ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE 2(1)(1), AGRA, AYKAR BHAWAN, ANJAY PLACE AGRA

ITA 233/AGR/2026Status: DisposedITAT Agra17 September 2026AY 2014-1512 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the assessee had complied with the stipulations of Section 54F(1) and 54F(4) by depositing the sale consideration in the capital gains account and utilizing it for the purchase of a new plot and construction of a residential house within the prescribed time. The tax authorities were not justified in rejecting the deduction.

What were the facts?

The assessee claimed deduction under Section 54F for long-term capital gains on the sale of a property. The Assessing Officer disallowed the claim, stating that the funds for purchasing a new plot and constructing a house were not solely from the capital gains account and the construction was not completed within the stipulated period. The CIT(A) upheld the disallowance.

What were the issues?

Whether the assessee is eligible for deduction under Section 54F when funds for the new asset are sourced from beyond the capital gains account and whether the construction was completed within the stipulated period.

Which sections of the Income-tax Act were involved?

Section 54F,Section 143(3),Section 263

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, AGRA (DB

Before: SUNIL KUMAR SINGH & BRAJESH KUMAR SINGH

For Appellant: Shri Anurag Sinha, Adv. & Shri Anil Verma
For Respondent: Ms. Sangeeta Yadav, CIT (DR)
Hearing: 20.07.2026Pronounced: 17.09.2026

PER: SUNIL KUMAR SINGH, J.M.

This appeal is directed against the impugned order dated 30.01.2026 passed in appeal No CIT(Appeal) 2, Agra/10551/2019-20 by the ld. Commissioner of Income Tax, NFAC(Delhi) [(hereinafter referred to as the “CIT(A)] u/s. 250 of the Income Tax Act, 1961 (hereinafter referred to as the “Act”) for the A.Y. 2014-15, wherein ld CIT(A) has dismissed assessee’s appeal, confirming the additions made by the assessing officer. 2.(i) The brief facts state that appellant e-filed her original return for A.Y. 2014-15 on 29.10.2014, declaring total income of Rs. 86,68,760/-. Subsequently, the case was selected for scrutiny under CASS and assessment u/s 143(3) of the Act was comple

The order continues below.

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