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TMI Blog2024 (8) TMI 1118X X X X Extracts X X X X X X X X Extracts X X X X ..... profession - AR submits that due to mistake by the previous authorized representative and the assessee, the capital gain deduction under section 54F of the Act could not be claimed in the return of income - HELD THAT:- We note that admittedly, no capital gain was shown in the return of income and no claim also made under section 54F of the Act. Had the assessee been declared capital gain in the r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vi, Judicial Member And Shri Jagadish, Accountant Member For the Appellant : Shri K. Subramaniam, C.A. And Ms. Sailas, Advocate For the Respondent : Ms. R. Anita, Addl. CIT ORDER PER S.S. VISWANETHRA RAVI, JUDICIAL MEMBER: This appeal filed by the assessee is directed against the order dated 19.02.2024 passed by the ld. Commissioner of Income Tax (Appeals) /Addl/JCIT (A)-3, Bengaluru for the asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 143(1) of the Act vide order dated 16.11.2019, against which, the assessee instituted first appeal on 21.11.2013 with a delay of 635 days. We note that the assessee raised additional ground by stating that the assessee was prevented in claiming re-investment under section 54F of the Act, by mutual mistake of previous Authorized Representative of the assessee. The ld. CIT(A) rejected the additiona ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... R submits that the assessee now wants to change the head of income, which is not permissible under law and supported the order of the ld. CIT(A). 7. Heard both the parties and perused the materials available on record. We note that no capital gain was declared in the return of income. The income declared therein on profit from business or profession . Before us, the ld. AR submits that due to mist ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tze (India) Ltd. v. CIT (supra). As discussed above, the assessee himself declared income under the head business or profession and no capital gain admitted. Therefore, having no declaration of capital gain in the return of income, directing the Assessing Officer to consider the claim under section 54/54F of the Act, does not arise. Further, as rightly pointed out by the ld. DR that there is no ta ..... X X X X Extracts X X X X X X X X Extracts X X X X
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