DAMANJEET SINGH OBEROI, RAIPUR,RAIPUR vs. DCIT, CIRCLE-1(1), RAIPUR, RAIPUR

ITA 318/RPR/2025Status: DisposedITAT Raipur27 July 2026AY 2016-173 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The Tribunal set aside the issue of Section 54F exemption for fresh adjudication by the Assessing Officer, allowing the assessee an opportunity to provide necessary documents. Similarly, the issue of cash deposits was remanded for de-novo adjudication.

What were the facts?

The assessee claimed exemption under Section 54F for selling a plot of land and constructing a residential house. The Assessing Officer denied the exemption for lack of completion documents, and the CIT(A) also denied it, citing discrepancies in purchase and construction costs. The Tribunal noted the absence of completion date documents.

What were the issues?

Whether the assessee furnished sufficient evidence for the completion of the residential house to claim exemption under Section 54F. The verification of cash deposits made into the bank account.

Which sections of the Income-tax Act were involved?

Section 54F,Section 143(3),Section 250

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, RAIPUR BENCH, RAIPUR

Before: SHRI PARTHA SARATHI CHAUDHURY & SHRI Dr. DIPAK P. RIPOTE

For Appellant: Shri Sunil Kumar Agrawal
For Respondent: Shri CH. Rajeswara Reddy

PER Dr. DIPAK P. RIPOTE, A.M : This is an appeal filed by the Assessee against the order of the Learned Commissioner of Income Tax (Appeals), NFAC, Delhi [Ld.CIT(A)], passed u/s. 250 of the Income Tax Act, 1961 (‘the Act’) for AY 2016-17 on 24.04.2025, emanating from the Assessment Order u/s 143(3) of the Act, dated 27.12.2018. Findings and Analysis:

2.

We have heard both the parties and perused the records. In this case, the issue raised by the assessee is regarding the denial of exemption u/s 54F of the Act. On perusal of the assessment order, it is observed that the assessee had sold a plot of land on 10.08.2015 for Rs.3,90,00,000/- and claimed exemption

The order continues below.

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