9911796707
TMI Blog2024 (5) TMI 108X X X X Extracts X X X X X X X X Extracts X X X X ..... ue and perused the record. 2. Present appeal has been filed under Section 260-A of the Income Tax Act, 1961 (hereinafter referred to as the 'Act') arising from the order of the Income Tax Appellate Tribunal, Delhi Bench : 'G' New Delhi dated 07.12.2023 passed in Income Tax Appeal No. 1174/Del/2022 for A.Y. 2012-13. By that order, the Tribunal has allowed the assessee's appeal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n law, the ITAT is justified in allowing the appeal of the assessee holding that when the basic condition of Section 54(1) of the Act has been satisfied, the foregoing provision of Section 54(2) of the Act becomes redundant ?" 4. Undoubtedly, the assessee sold residential house in which she had a share. The sale took place on 22.03.2012 and the share of the assessee came to Rs. 31,03,000/-. Again ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e investments therefrom in accordance with the Scheme of the Act. Thus, violation of Section 54 of the Act was alleged. 6. The Tribunal has dealt with the issue and found that the Assessing Officer thoroughly examined the sale of immovable property that had resulted in capital gain. He had examined the written reply, sale deed, copy of purchase of property and computation of capital gain. He had ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sion of Section 54 of the Act, in absence of real prejudice having arisen to the revenue, upon claim capital gain having been allowed by the Assessing Officer the Tribunal may have rightly allowed the assessee's appeal. 9. Seen in the context of an assessee with modest means, we find, the Commissioner of Income Tax had unnecessarily drawn up revision proceedings upon a procedural lapse as no ..... X X X X Extracts X X X X X X X X Extracts X X X X
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