JOGDHIAN HARI BHAGWAN RASTOGI CHARITABLE MEMORIAL TRUST,DELHI vs. ITO WARD EXEMPTION 1(4), DELHI

ITA 8317/DEL/2025Status: DisposedITAT Delhi19 August 2026AY 2013-1413 pages
AI SummaryAllowed

What were the facts?

The assessee trust sold an immovable property for Rs. 11.90 crores and invested the sale proceeds in mutual funds, fixed deposits, and savings accounts. The Assessing Officer disallowed deduction under Section 11(1A) for amounts held in fixed and savings accounts, considering them ineligible.

What did the Tribunal hold?

The Tribunal held that amounts kept in scheduled bank accounts, whether savings or fixed deposits, qualify as compliance for claiming exemption under Section 11(1A) of the Act. The duration of the deposit is immaterial for it to be considered a new capital asset.

What were the issues?

Whether fixed deposits and savings bank accounts maintained from sale proceeds of a capital asset qualify as investment in a new capital asset for exemption under Section 11(1A), and if the duration of the deposit is a determining factor.

Which sections of the Income-tax Act were involved?

Section 11(1A),Section 11(5)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, DELHI BENCH “F”: NEW DELHI

Before: SHRI M. BALAGANESH & SHRI VIMAL KUMAR

For Respondent: Ms. Harpreet Kaur Hansra,Sr. DR
Hearing: 30.06.2026Pronounced: 19.08.2026

PER M. BALAGANESH, A. M.:

The appeal of the assessee arises out of the order passed by the Commissioner of Income Tax (Appeals) NFAC, Delhi [hereinafter referred to as ‘ld. CIT(A)’, in short] in Appeal No. 8317/Del/2025 for A.Y. 2013-14 dated 07.10.2025 which in turn arises out of the order passed by the Assessing Officer, ITO, Ward (Exemption 1(4), Delhi (hereinafter referred to as ‘ld. AO’) passed u/s 143(3) r.w.s. 254 of the Income Tax Act, 1961 (hereinafter referred to as ‘the Act’) dated 29.06.2022. 2. The assessee has raised the following grounds of appeal before us: - Jogdhian Hari Bhagwan Rastogi C M Trust “1. That the

The order continues below.

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