PRAKASH SHARMA,NAINPUR vs. INCOME TAX OFFICER, MANDLA

ITA 3/JAB/2024Status: DisposedITAT Jabalpur13 May 2026AY 2012-136 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal held that a claim for deduction under Section 54B can be considered at any stage if it is a valid claim. The assessment order was set aside and the issue was restored to the AO to verify the claim for deduction under Section 54B.

What were the facts?

The assessee sold an immovable property, which the Assessing Officer (AO) treated as a capital asset and computed capital gains. The assessee claimed the property was agricultural land and thus not a capital asset, and also sought deduction under Section 54B for purchasing new agricultural land.

What were the issues?

Whether the property was a capital asset and whether the assessee was entitled to deduction under Section 54B for the purchase of new agricultural land.

Which sections of the Income-tax Act were involved?

Section 2(14),Section 50C,Section 54B,Section 143(3),Section 147,Section 148,Section 144,Section 264

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, JABALPUR BENCH “SMC”, JABALPUR

Before: SHRI KUL BHARAT

For Appellant: Shri Abhijeet Shrivastava, Advocate
For Respondent: Shri N. M. Prasad, Sr. DR-1

PER KUL BHARAT, VICE PRESIDENT.:

This appeal, by the assessee, is directed against the order of the Learned Commissioner of Income-tax (Appeals), National Faceless Appeal Centre (NFAC) dated 08.11.2023 pertaining to the assessment year 2012-13. The assessee has raised the following grounds of appeal: -

“1. Ground No. 1 of Appeal That on the facts and under the circumstances of the case, the learned Assessing Officer erred in making the addition of Rs.617,000/- on account of Capital Gain. Ground of Appeal No.2 That the learned CIT(A) was unjustified in dismissed the appeal on the ground that the assessee has mentioned the wrong section of assessment order in

The order continues below.

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