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TMI Blog2023 (12) TMI 501X X X X Extracts X X X X X X X X Extracts X X X X ..... assessment record, the Assessing Officer has duly examined the issue relating to capital gain from sale of property as well as assessee s claim of deduction under section 54 of the Act. A perusal of the showcause notice issued u/s 263 of the Act as well as the order passed under the said provision clearly reveal that the revisionary authority has not expressed any doubt regarding the quantum of capital gain arising at the hands of the assessee and also the fact that such capital gain was invested in purchase/construction of residential house within the time limit prescribed u/s 54(1) of the Act. Only because the capital gain was not deposited in the capital gain account scheme, the revisionary authority has treated the assessment ord ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessment under section 147 of the Act. In response to the notice issued under section 148 of the Act, the assessee filed her return of income declaring income of Rs.6,42,470/-, which was the income declared in the original return of income. 3. In course of assessment proceedings, the Assessing Officer called upon the assessee to furnish the details of the properties sold and the resultant capital gain. In response, the assessee furnished all the details relating to the property sold and the capital gain arising out of such property. From the details furnished, it was found by the Assessing Officer that the property was under the joint ownership of the assessee and another coowner and was purchased for an amount of Rs.20 lakhs, out of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 63 of the Act. However, rejecting assessee s submission learned PCIT set aside the assessment order with a direction to disallow the deduction claimed under section 54 of the Act, as, the assessee has failed to deposit the capital gain amount in capital gain account scheme. 5. We have considered rival submissions and perused the materials on record. From the order sheet maintained by the Assessing Officer in the assessment record, it is evident that in course of assessment proceedings, the Assessing Officer has thoroughly examined the issue of sale of the immovable property and the resultant capital gain arising from such sale. In fact, in order-sheet entry dated 18.06.2019, the Assessing Officer has clearly stated that assessee s counse ..... X X X X Extracts X X X X X X X X Extracts X X X X
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