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TMI Blog2023 (7) TMI 990X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessee becomes infructuous liable to be dismissed. - ITA No. 416/Ind/2022 - - - Dated:- 21-7-2023 - Shri Vijay Pal Rao, Judicial Member And Shri B.M. Biyani, Accountant Member For the Assessee : Ms. Nisha Lahoti and Shri Vijay Bansal, ARs For the Revenue : Shri P.K.Mishra, CIT DR ORDER PER B.M. BIYANI, A.M.: Feeling aggrieved by revision-order dated 24.02.2022 passed by learned Pr. Commissioner of Income-Tax-1, Bhopal [ Ld. PCIT ] u/s 263 of Income-tax Act, 1961 [ the Act ], which in turn arises out of assessment-order dated 02.12.2019 passed by learned DCIT/ACIT-5(1), Bhopal [ Ld. AO ] u/s 143(3) of the Act for Assessment-Year [ AY ] 2017-18, the assessee has filed this appeal on the grounds raised in Appe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rder was passed) to assessee but it might have happened that the assessee had not checked the income-tax portal; hence the same may not have reached to the knowledge of assessee. Being so and keeping in mind the objective to impart justice, the delay is condoned and hearing is proceeded. 4. The factual background of present case is such that the assessee filed return of income of relevant AY 2017-18 on 31.10.2017. In the return so filed, the assessee declared sale of a land for Rs. 2,91,00,000/- on 04.03.2017 resulting into a capital gain of Rs. 2,66,42,340/-. From such capital gain, the assessee claimed exemption u/s 54F based on Investment made in a residential plot amounting to Rs. 2,12,87,525/- (+) Deposit of Rs. 40,00,000/- in Capit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... taxability/withdrawal of exemption on expiry of 3 years i.e. in the previous year 2019-20 relevant to assessment year 2020-21 but certainly it cannot affect the exemption allowed in AY 2017-18. To support this, Ld. AR relied upon decision of ITAT, Pune Bench in Smt. Pratima C. Joshi vs. DCIT (2021) 125 Taxman.com 272. Then, Ld. AR further submitted a very important fact that as directed by Ld. PCIT in the impugned order, the AO has already completed assessment de novo vide assessment-order on 21.02.2023, copy placed at page nos. 56 to 62 of the paper book, in which the AO has again examined the claim of assessee, accepted the aforesaid proposition submitted by assessee and allowed exemption u/s 54F although the AO has reduced the quantum ..... X X X X Extracts X X X X X X X X Extracts X X X X
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