9911796707
TMI Blog2025 (4) TMI 975X X X X Extracts X X X X X X X X Extracts X X X X ..... "), arising out of the reassessment order passed under section 147 r.w.s. 144B of the Income Tax Act, 1961 (hereinafter referred to as 'the Act') relating to the Assessment Year 2016-17. 2. Brief facts of the case is that the assessee is an individual filed his Return of Income for the Asst. Year 2016-17 on 12-12-2017 declaring total income of Income of Rs. 5,95,430/-. The assessee received a sale consideration of Rs.1,40,00,000/- as his share of income from Mairushish Co-operative Housing Society, but the same was not offered for taxation which has escaped assessment within the meaning of Section 147 of the Act. Therefore the assessment was reopened by issuing notice u/s. 148 of the Act dated 31-03-2021. 3. In response, the assessee file ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r section 54F of the Act for Rs.1,40,00,000/- The Ld. CIT(A) ought to be appreciated that the Appellant has duly fulfilled all conditions precedent to claim deduction under section 54F of the Income Tax Act and addition made by AO deserves to be deleted. 3. In law and in the facts and circumstances of the appellant's case, the Ld. CIT(A) has erred in denying deduction u/s 54F claimed in return of income u/s 148 of the Act by holding that non- disclosure of claim of deduction under section 54F of the Act, in return of income filed under section 139(1) of the Act render the provisions of section 54F(4) of the Act as infructuous. 4. In law and in the facts and circumstances of the case, the Ld. CIT(A) has erred in dismissing the appe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assed by the Lower Authorities and pleaded that when the assessee failed to make a claim of deduction u/s. 54F in the original Return of Income, the same cannot be claimed in the reassessment proceedings. Therefore requested to uphold the order passed by the lower authorities. 8. We have given our thoughtful consideration and perused the materials available on record. It is clear from the bank statement filed by the assessee, the assessee received sale consideration of Rs.1,40,00,000/- on 10-05-2016 and the entire sale consideration was reinvested in a residential flat on 17-05-2016 by transferring it to the Builder. However the assessee has not declared the sale transaction in the original Return of Income but claimed for the first time t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a case the 'return of income' filed by the assessee involves some delay. 8.2. Similar issue came up before the Hon'ble High Court of Jammu and Kashmir in the case of Smt. Sneh Lata Jain v. CFT (2004) 140 Taxman 156, wherein Hon'ble High Court held that assessee being entitled to exemption us. 54F on the evidence produced before the Revisional Authority, the Revisional Authority ought to have considered the matter instead of rejecting the petition on technical grounds. The assessee being not liable to tax, imposition of tax on her was violative of Article 265 of the Constitution of India. Thus, ld. Assessing Officer was directed to reassess the taxable income after considering the benefit under Section 54F. The relevant find ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e exercising the writ jurisdiction, but at the same time where the admitted facts disclosed nonexercise of jurisdiction by an adjudicatory authority and a citizen is subjected to tax not payable by him, interference by this Court is warranted. The respondent No. 2 is directed to reassess the taxable income of the petitioner, by taking into consideration the benefit available to her under s. 54F of the IT Act and pass appropriate order." 9. In the facts and circumstances of the case in our considered view, when the assessee had raised the claim u/s 54F in the 'return of income' filed by him in compliance to the notice u/s 148, it is obligatory on the part of the A.O to have deliberated on the entitlement of the assessee towards cla ..... X X X X Extracts X X X X X X X X Extracts X X X X
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