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TMI Blog2022 (6) TMI 449X X X X Extracts X X X X X X X X Extracts X X X X ..... n also claim eligible deductions from the escaped income in reassessment proceedings. AO also examined the details and allowed the claim. PCIT did not suggest any further enquiries which are required to have been made by the learned Assessing Officer in reassessment proceedings. Therefore, in our opinion explanation 2 to Section 263 of the Act cannot be applied. Further, the learned PCIT also could not show how the order passed by the learned Assessing Officer is erroneous and prejudicial to the interest of the Revenue. Hence, the order passed under Section 263 of the Act by the learned PCIT is not sustainable. Hence, we quash the same. Appeal of assessee allowed. - ITA No. 1280/Mum/2021 - - - Dated:- 8-6-2022 - Shri Prashant Maharis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... his return of income under Section 139 of the Act on 29th February, 2012, declaring total income of ₹45,69,943/-. The return was processed under Section 143(1) of the Act accepting the return of income. Subsequently, the case of the assessee was reopened by issuing notice under Section 147 of the Act. The return was assessed under Section 143(3) read with section 147 of the Act on 16th November, 2018, accepting the return of income. Subsequently, on verification of records, the learned PCIT found that the case originally was reopened for examination of capital gain tax which was not offered by the assessee in the original return of income. The learned CIT (A) found that order under Section 143(3) Read With Section 147 of the Act is e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 173/- which is 50% owned by the assessee and claimed ₹58,25,950/- as deduction therefore, the learned Assessing Officer correctly allowed the deduction. The assessee further stated that in the body of order itself the learned Assessing Officer mentioned that the detail of capital gain was furnished, the learned Assessing Officer enquired about the same. Further in the subsequent Para, the learned Assessing Officer himself mentioned that he examined the same and assessed the total income at return income. Therefore, the learned Assessing Officer correctly assessed the income. Assessee further stated that action under Section 147 of the Act was taken for the examination of capital gain which was offered by the assessee and assessed corr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... purchase deed, sale deed, bank statement as well as the computation of capital gain and deduction under Section 54 of the Act during the re assessment proceedings. It shows that assessee and his wife are 50% owner of the property. The decision of the Goetze (India) Ltd. (supra) of Hon'ble Supreme Court does not debar claim of deduction to the extent of escaped income. He referred computation of total income placed at page no. 21 of the Paper Book. He stated that from the taxable Long Term Capital Gain of ₹58,25,950/- assessee has claimed exemption under Section 54 of the Act of the same amount. He also referred to the details of payment made of ₹1,78,06,699/- for purchase of new house property supported by the bank statement ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee along with his wife. The property was sold to Smt. Suman Kapur vide sale deed dated 9th April, 2010. The assessee disclosed 50% of the sale consideration i.e. ₹69 lacs as full value of the consideration. Assessee also reduced the index cost of acquisition of ₹10,74,049/- for the property purchase by him in F.Y. 1994-95 at ₹7 lacs. Therefore, 50% of the cost of acquisition of ₹3,91,250/- was indexed to ₹10,74,049/- and resultant Long Term Capital Gain of ₹58,25,950/- was arrived at. The assessee has also purchased a house property from Ozone Projects Pvt. Ltd. on 1st July, 2014 in the joint name along with his wife for a total consideration of ₹1,78,06,699/-. The assessee claimed 50% thereof t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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