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TMI Blog2015 (9) TMI 1058X X X X Extracts X X X X X X X X Extracts X X X X ..... ion, in view of the same having been invested in terms of Section 54 and 54EC of the Act. This itself is an indication of the fact that there was nothing to be gained by the respondent-assessee in not disclosing the fact of sale of joint family property. Besides neither the grounds of appeal before us nor in the appeal filed before the Tribunal has the Revenue even taken up the plea that non disclosure of sale of the joint family property in the return of income by the respondent assessee is malafide and therefore, the respondent - assessee is not entitled to deduction under Section 54 and 54EC of the Act. We find that the question of law as proposed by the Revenue stands covered in favour of the respondent - assessee by the decision of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... upreme Court (284 ITR 323 (SC)) ? 3. The respondent-assessee filed its return of income for the subject Assessment Year declaring the income of ₹ 2.51 lakhs. During the course of the assessment proceedings, the Assessing Officer found that there was sale of joint family property which resulted in respondent assessee receiving ₹ 50 lakhs which had not been disclosed in the return of income, when confronted with the same, the respondent assessee pointed that he has made necessary investment under Sections 54 and 54EC of the Act therefore, he was entitled to deduction while determining the amounts chargeable to capital gain tax. The Assessing Officer disallowed the the same on the ground that this claim was not made in the o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ection 54 and 54EC of the Act either in his return of income or by filing revised return of income, the respondentassessee is not entitled to the benefit of the same. In support reliance is placed upon the decision of the Apex Court in the case of Goetze (India) Ltd. (supra) Mr.Kotangale further submits that the claim made by the respondent-assessee was not a bonafide claim as this claim was made only after the Assessing Officer has discovered that the Assessee has not disclosed the fact of capital gains made by him on account sale of joint family property. Therefore, in the above circumstances, the claim of deduction should not have been allowed by the Authorities under the Act. 7. The Apex Court in the case of Geotez India Ltd. (su ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oes not stand for scrutiny. This for the reason that the entire amount which would otherwise be chargeable to tax as long term capital gain would be entitled to deduction, in view of the same having been invested in terms of Section 54 and 54EC of the Act. This itself is an indication of the fact that there was nothing to be gained by the respondentassessee in not disclosing the fact of sale of joint family property. Besides neither the grounds of appeal before us nor in the appeal filed before the Tribunal has the Revenue even taken up the plea that non disclosure of sale of the joint family property in the return of income by the respondent assessee is malafide and therefore, the respondent - assessee is not entitled to deduction under Se ..... X X X X Extracts X X X X X X X X Extracts X X X X
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