November 2018

Section 54F AO having accepted the returned income despite the fact that the assessee neither admitted capital gains on sale of property nor claimed exemption under any of the provisions and the CIT having given direction to the AO in his revisional order to verify the facts and to redo the assessment as per law, the claim for exemption u/s. 54F could not be denied in the fresh assessment

JAGDISH T. PUNJABI | DEVENDRA JAIN | TEJASWINI GHAG
Chartered Accountants

9.  [2018] 195 TTJ 630 (Hyd Trib.)

Manohar Reddy Basani vs. ITO

ITA No.: 1307/Hyd/2017

A. Y.: 2010-11.                                   

Dated: 30th May, 2018.

           

Section 54F AO having accepted the returned income despite the fact that the assessee neither admitted capital gains on sale of property nor claimed exemption under any of the provisions and the CIT having given direction to the AO in his revisional order to verify the facts and to redo the assessment as per law, the claim for exempt

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