ANIL SHRICHAND SADHWANI,NASHIK vs. ITO, WARD 2(1), NASHIK

ITA 2443/PUN/2024Status: DisposedITAT Pune20 May 2025AY 2015-16Bench: DR.DIPAK P. RIPOTE (Accountant Member), SHRI VINAY BHAMORE (Judicial Member)1 pages
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What did the Tribunal hold?

The Tribunal held that the investment in eligible bonds under Section 54EC was made within six months of receiving the sale consideration, aligning with the spirit of the law, and thus the deduction should be allowed. The Tribunal also allowed grounds related to Section 54F, though the specific reasoning for that is not fully detailed in the provided excerpt.

What were the facts?

The assessee sold an immovable property and claimed deductions under sections 54F and 54EC of the Income Tax Act. The Assessing Officer denied these deductions and made an addition under section 50C. The CIT(A) upheld the Assessing Officer's order.

What were the issues?

Whether the addition under Section 50C was justified and whether the assessee was eligible for deductions under Sections 54F and 54EC for investments made after the transfer date but within a reasonable period of receiving sale consideration.

Which sections of the Income-tax Act were involved?

Section 50C,Section 54F,Section 54EC,Section 250,Section 143(3),Section 263

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Cases cited in this judgment(3)Show list

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Income Tax Appellate Tribunal, PUNE BENCHES “A” :: PUNE

Before: DR.DIPAK P. RIPOTE & SHRI VINAY BHAMORE

For Appellant: Shri Sanket M Joshi – AR
For Respondent: Shri Ramnath P Murkunde – DR
Hearing: 23/04/2025Pronounced: 20/05/2025

PER DR. DIPAK P. RIPOTE, AM: Thisappeal filed by the assessee is against the order of ld.Commissioner of Income Tax(Appeals)[NFAC], passed under section 250of the Income Tax Act, 1961; dated 23.09.2024 for Assessment Year 2015-16. The assessee has raised the following grounds of appeal :

“1. The learned CTT(A) erred in confirming the addition u/s 50C of Rs.6,15,600 by taxing the appellant's share in difference between govt. valuation of Rs.2,52,31,000 and actual consideration of Rs 2,40,00,000 received on sale of immovable property as income u/s 50C without

ITA No.2443/PUN/

The order continues below.

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