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June 2024

Sec. 54, Sec. 263.: Where the assessee claimed deduction under section 54 within the prescribed time limits, capital gains not deposited in the CGAS scheme will not be considered as prejudicial to the interest of the revenue and invoking revisionary jurisdiction was bad in law.

By Jagdish T Punjabi, Chartered Accountant
Devendra Jain & Aditya Bhatt, Advocates
Reading Time 2 mins

20 Ms. Sarita Gupta vs. Principal Commissioner of Income-tax

[2024] 109 ITR(T) 373 (Delhi -Trib.)

ITA NO. 1174 (DELHI) OF 2022

A.Y.: 2012–13

Dated: 7th December, 2023

Sec. 54, Sec. 263.: Where the assessee claimed deduction under section 54 within the prescribed time limits, capital gains not deposited in the CGAS scheme will not be considered as prejudicial to the interest of the revenue and invoking revisionary jurisdiction was bad in law.

FACTS

The assessee was an individual who had sold a residential property during the year under consideration. Based on certain information in this regard, reassessment was initiated by the AO calling upon the assessee to furnish the details of the properties sold and the resultant capital gain. After verifying all the details, the AO accepted the return of income filed

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