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Documents citing Ito,Ward-30(1), New Delhi vs Vinod Gugnani, New Delhi on 2 November, 2022

Murugan Doraisamy,Chennai vs Ito, International Taxation ... on 14 May, 2025

6. Heard both the parties and perused the material available on record. We note that as rightly pointed out by the ld. AR, there was no examination with regard to compliance under sub-section (1) of section 54 of the Act. The Assessing Officer denied deduction under section 54F of the Act only on the sole reason that the assessee did not comply with the condition provided under sub-section (4) of section 54F of the Act. On perusal of the case law provided in paper book in the case of ITO v. Vinod Gugnani (supra), we note that it was held that non-compliance of 5 I.T.A. No.367/Chny/25 the same, the assessee cannot be denied the benefit under section 54(1) of the Act. As discussed above, admittedly, there was no verification by the Assessing officer whether the assessee substantiated complying with the net consideration in investing of new asset. Since there is no verification, we deem it proper to remand the matter to the file of the Assessing Officer for his verification as to whether the assessee complied with the conditions provided under sub-section (1) of section 54 of the Act in appropriating the net consideration in new asset or not. Therefore, the final assessment order is set aside and the grounds raised by the assessee are allowed for statistical purposes.
Income Tax Appellate Tribunal - Chennai Cites 7 - Cited by 0 - Full Document
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