SRIDHAR REDDY BAYAPU,HYDERABAD vs. DCIT., CIRCLE-3(1), HYDERABAD

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ITA 841/HYD/2024Status: DisposedITAT Hyderabad19 March 2025AY 2016-17Bench: us: "1. The order of the Learned. CIT(A) is against the law, weight of evidence and probabilities of case.18 pages
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What did the Tribunal hold?

The Tribunal held that Section 54 of the Act contemplates appropriation of capital gains towards the purchase or construction of a new property, but does not mandate that the sale proceeds of the old property must be utilized. The Tribunal found that the assessee had satisfied the requirements of Section 54.

What were the facts?

The assessee claimed exemption under Section 54 for the sale of a residential property. The Assessing Officer and CIT(A) disallowed the claim, stating that the sale proceeds were not deposited in a capital gains account before the due date of filing the return and were not utilized for purchasing a new property within the stipulated time.

What were the issues?

Whether the assessee is eligible for exemption under Section 54 when the sale proceeds were not deposited in a capital gains account before the due date of filing the return, and whether the sale proceeds must be utilized for the purchase of the new property.

Which sections of the Income-tax Act were involved?

Section 54,Section 54F,Section 139(1),Section 143(3)

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Income Tax Appellate Tribunal, Hyderabad ‘ B ‘ Bench, Hyderabad

For Appellant: Dr. Sachin Kumar, Sr. DR

आदेशकी �ितिलिप अ�ेिषत/ Copy of the order forwarded to:- 1. िनधा�रती/The Assessee : Sridhar Reddy Bayapu, Villa No. 53, My Fair Villas, Tellapur, Hyderabad, Telangana-502032. 2. राज�/ The Revenue : The Deputy Commissioner of Income Tax, Circle – 3(1), Signature Towers, Kondapur, Hyderabad. 3. The Principal Commissioner of Income Tax, Hyderabad 4. िवभागीय�ितिनिध, आयकर अपीलीय अिधकरण, हैदराबाद / DR, ITAT, Hyderabad 5. The Commissioner of Income Tax 6. गाड�फ़ाईल / Guard file

आदेशानुसार / BY ORDER

Sr. Private Secretary ITAT, Hyderabad

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