JAI SINGH SETHIA,JAIPUR vs. DCIT/ACIT, CIRCLE-2, JAIPUR

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ITA 1462/JPR/2024Status: DisposedITAT Jaipur06 March 2025AY 2015-16Bench: SHRI GAGAN GOYAL (Accountant Member), SHRI NARINDER KUMAR, JM आयकर अपील सं. / ITA No. 1462/JP/2024 निर्धारण वर्ष / Assessment Year : 2015-16 Jai Singh Sethia बनाम DCIT/ACIT, Circle-02, Jaipur 284 Frontier Colony, Adarsh Vs. Nagar Behind, Bhagat Singh Park, Jaipur स्थायी लेखा सं. / जीआईआर सं./PAN/GIR No.: ACHPS5306A अपीलार्थी / Appellant प्रत्यर्थी / Respondent निर्धारिती की ओर से / Assessee by राजस्व की ओर से / Revenue by : Shri Dheeraj Borad, CA, Ld. AR : Sh. Manoj Kumar, JCIT, Ld. DR सुनव1 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The Tribunal held that while Section 54F was not applicable as the property was leased to a bank, the assessee could claim deduction under Section 54. The AO was directed to allow the claim under Section 54 after verification.

What were the facts?

The assessee claimed deduction under Section 54F on sale of a residential property, which was leased to a bank. The Assessing Officer disallowed the deduction, treating the property as commercial. The CIT(A) upheld this.

What were the issues?

Whether the property leased to a bank qualifies for deduction under Section 54F and alternatively under Section 54 of the Income Tax Act.

Which sections of the Income-tax Act were involved?

Section 250,Section 143(3),Section 54F,Section 143(2),Section 142(1),Section 54

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, JAIPUR BENCHES,”A” JAIPUR

Before: SHRI GAGAN GOYAL, AM & SHRI NARINDER KUMAR, JM vk;dj vihy la-@ITA No. 1462/JP/2024

For Appellant: Shri Dheeraj Borad, CA, Ld. AR jktLo dh vksj ls@
Hearing: 27/02/2025Pronounced: 06/03/2025

Result

18.

In view of above reasons and findings, this appeal is partly allowed and matter is remitted to the Ld. AO allowing the claim of the assessee u/s. 54 of the Act for limited purposes only, i.e. considering the relevant figures for the purposes of section 54 of the Act. by the office.

Order pronounced in the open court on 06/03/2025.

1.

Sd/- Sd/- ¼ujsUnz dqekj½ ¼xxu xks;y ½ (NARINDER KUMAR) (GAGAN GOYAL) U;kf;d lnL;@aJudicial Member ys[kk lnL;@Accountant Member Tk;iqj@Jaipur fnukad@Dated:- 06/03/2025 *Ganesh Kumar, Sr. PS की प्रतिलिपि अग्रेf’ात@ब्वचल वf जीम वतकमत वितूंतकमक जवरू 1. The Appellant- Jai Singh Sethia, Jaipur 2. izR;FkhZ@ The Respondent- DCIT/ACIT, Circle-02, Jaipur vk;dj vk;qDr@ The ld CIT 3. vk;dj vk;qDr¼vihy½@The ld CIT(A) 4. विभागीय प्रतिनिधि] आयकर अपीलीय अधिकरण] जयपुर@क्त्ए प्ज्Aज्ए Jंपचनत 5. 6. xkMZ QkbZy@ Guard File (ITA No. 1462/JP/2024) vkns'kkuqlkj@ By order,

सहायक पंजीकार@Aेेज. त्महपेजतंत

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