9911796707
TMI Blog2024 (1) TMI 353X X X X Extracts X X X X X X X X Extracts X X X X ..... his appeal, the assessee has raised the following grounds:- "1. The learned Commissioner of Income Tax (Appeals), Income Tax Department, NFAC, Delhi, [CIT(A)] has erred on the facts and circumstances of the case and in law in upholding the notice u/s 148 in order. Therefore, the order should be set aside. 2. On the facts and circumstances of the case and in law, the learned CIT(A) erred in confirming the addition of Rs. 72,83,143/- being LTCG on sale of flat and the said addition should be deleted. 3. Without prejudice to above, the Appellant hereby advances a claim of exemption u/s 54 of the Act for the LTCG on sale of flat Rs. 72,83,143/- reinvested in the new flat as per the provisions of the law. The Appellant prays to allow the s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed into two registered agreement for the sale and purchase of a flats in the same assessment year and thus fulfilled the provisions of section 54 of the Act. It was further submitted that due to oversight the same was not reflected in his return of income. The AO vide order dated 28/12/2018 passed under section 143(3) read with section 147 of the Act held that the assessee was bound to declare capital gain on the sale of property and claim of exemption is a secondary part. It was further held that the assessee did not declare the transaction of sale and purchase of property by computing capital gain in his return of income and the Revenue cannot allow exemption suo moto unless the same was claimed by the assessee. Accordingly, the AO added ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncome, however, the Revenue did not grant any benefit of exemption claimed under section 54 of the Act and proceeded to made an addition of Rs. 72,83,143 being long term capital gains to the total income of the assessee. 6. In the present case, it is undisputed that the sale of immovable property and subsequent purchase of immovable property were not disclosed by the assessee in his original return of income physically filed on 03/11/2011. Therefore, we are of the considered view that the reassessment proceedings were validly initiated by the AO under section 147 of the Act on the basis of information received from the ITD system under the NMS module, which constitutes tangible material under section 147 of the Act. Accordingly, reassessme ..... X X X X Extracts X X X X X X X X Extracts X X X X
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