9911796707
TMI Blog2022 (9) TMI 1371X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessee not depositing the capital gain earned in the capital gain account scheme of the Bank as required by law before the due date of filing return of income of A.Y 2011-12 ,in which the deduction was claimed - HELD THAT:- For the violation the claim of deduction in the said year itself, i.e A.Y 2011-12, should have been denied. Merely because the assessee files his return for that year belatedl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt of denial of deduction u/s 54 is directed to be deleted. Appeal of the assessee is allowed. - ITA No.2199/Ahd/2018 - - - Dated:- 28-9-2022 - Smt. Annapurna Gupta, Accountant Member For the Assessee : Ms.Arti N. Shah, AR For the Revenue : Shri Mukesh Sharma ORDER The present appeal has been filed by the assessee against order passed by the Commissioner of Income Tax(Appeal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ee has sold land on 30.4.2010 giving rise to capital gain and claimed deduction under section 54 at Rs.37,41,054/- against the same. The AO thereafter noted, that the return for the said year i.e. Asst.Year 2011-12, was filed belated on 25-09-2014 and the terms and condition for claiming deduction were not fulfilled since the assessee had not deposited the capital gain in the Capital Gain account ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n rightly made by the AO in the impugned year. 5. I am not in agreement with the Ld. CIT(A). It is not disputed that the assessee had claimed deduction/exemption u/s 54 of Rs. 37,41,054/- in A.Y 2011-12 and not in the impugned year,i.e A.Y 2013-14. The condition which the Revenue authorities note the assessee to have violated ,for the purposes of denying deduction u/s 54 of the Act, is not depo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... capital gain returned by the assessee on sale of asset as short term capital gain and denied benefit of deduction u/s 54 against the same. Copy of the assessment order for A.Y 2011-12 dated 11/12/2018 was placed before us. The same deduction cannot be denied and added to the income of the assessee in two years. In view of the above therefore the addition on account of denial of deduction u/s 5 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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