SHRI KINGSHUK GHOSHAL,LUCKNOW vs. INCOME TAX OFFICER-6(5), LUCKNOW
The appeal of the assessee stands allowed
ITA 200/LKW/2018[2012-13]Status: DisposedITAT Lucknow25 Aug 2025AY 2012-13
Bench: Shri. Sudhanshu Srivastavaassessment Year: 2012-13 Shri Kinghshuk Ghoshal V. The Ito 6(5) E-402, Halwasiya Utsav Enclave Lucknow Opposite Hal, Faizabad Road Lucknow Tan/Pan:Affpg3258L (Appellant) (Respondent) Appellant By: Shri P. K. Kapoor, C.A. Respondent By: Shri Sunil Kumar Rajwanshi, D.R. O R D E R This Appeal Has Been Preferred By The Assessee Against Order Dated 26.12.2017, Passed By The Learned Commissioner Of Income Tax (Appeal), Lucknow-3 (Ld. Cit(A)) For Assessment Year 2012-13. 2.0 The Brief Facts Of The Case Are That The Assessee Filed His Return Of Income For The Year Under Consideration On 29.11.2012, Declaring A Total Income Of Rs.1,05,233/-. The Case Of The Assessee Was Selected For Scrutiny Under Cass. During The Course Of Assessment Proceedings, The Assessing Officer (Ao) Noticed That The Assessee Was Earning Interest Income From Saving Bank Deposits & Fdrs & That The Assessee Had Claimed Exemption Of Rs.71,54,619/- Under Section 54 Of The Income Tax Act, 1961 (Hereinafter Called “The Act’). During The
For Appellant: Shri P. K. Kapoor, C.AFor Respondent: Shri Sunil Kumar Rajwanshi, D.R
Section 143Section 143(2)Section 143(3)Section 271(1)(c)Section 45Section 54Section 80E
Capital Gain
: Rs.16,75,288/-
Addition of interest income
: Rs.1,37,106/-
Gross total income
: Rs.19,17,627/-
Deduction u/s. 80E of the Act
: Rs.22,221/-
Net Taxable Income (rounded off)
: Rs.18,95,410/-
2.2
The AO also initiated penalty proceedings under section 271(1
