HIMASAGAR KRISHNA MUTHAPPAGARI,TIRUPATI vs. ITO., WARD-2(3), TIRUPATI

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ITA 687/HYD/2024Status: DisposedITAT Hyderabad12 March 2025AY 2016-17Bench: us.1. The Hon'ble Principal Commissioner of Income Tax, Tirupati is not justified in revising the Assessment Order for AY2016-17 passed by the Faceless Assessment Centre U/s 147 r.w.s 144B and ordering for Re- Assessment, both in Law, Facts of the case, Equity and Natural Justice.1 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the unregistered agreement to purchase, without registration as per the amended Registration Act, 1908, did not entitle the assessee to the exemption under Section 54F. The Pr. CIT's order under Section 263 was found to be justified.

What were the facts?

The assessee claimed exemption under Section 54F for purchasing a residential property. The Assessing Officer (AO) completed reassessment accepting the original assessment. The Principal Commissioner (Pr. CIT) invoked Section 263, finding the AO's verification of the exemption claim inadequate due to an unregistered agreement to purchase.

What were the issues?

Whether the Pr. CIT was justified in revising the reassessment order for inadequate verification of Section 54F exemption claim, and whether an unregistered agreement to purchase can be considered for exemption.

Which sections of the Income-tax Act were involved?

Section 263,Section 147,Section 144B,Section 54F,Section 2(47)

AI-generated summary — verify with the full judgment below

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

Pronounced: 12.03.2025

आदेशकी प्रनतनलनप अग्रेनर्त/ Copy of the order forwarded to:- 1. निर्धाररती/The Assessee : Himasagar Krishna Muthappagari, Tirupati, 19-7-125/A, Flat No.202, Krishna Apartment, Gopalraju Colony, R.C. Road, Tirupati - 517501, Andhra Pradesh. 2. रधजस्व/ The Revenue : Income Tax Officer, Ward-2(3), Tirupati 3. The Principal Commissioner of Income Tax, Tirupati 4. नवभधगीयप्रनतनिनर्, आयकर अपीलीय अनर्करण, हैदरधबधद / DR, ITAT, Hyderabad 5. गधर्ाफ़धईल / Guard file

आदेशधिुसधर / BY ORDER

Sr. Private Secretary ITAT, Hyderabad

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