submitted that the notice under
section 148 was issued to verify the claim of deduction under
section 54 of the Act.
We have perused ... time of issuing intimation under
section 143(1)(a) , observed that assessee claimed exemption
under section 54 on two residential properties, and in order
Less:- Exemption u/s 54EC Rs. 1,00,00,000.00
Exemption u/s 54 Rs. 4,05,20,000.00
Net Long Term Capital Gain ... deduction under section 54 of the Act.
The Tribunal as such found that the assessee was entitled for deduction under
section 54 and consequently, dismissed
income from other sources" after claiming an
exemption under Section 54 of the Income Tax Act, 1961 (the Act)
amounting ... capital gain accrued from sale of original asset,
the exemption under Section 54 of the Act is not allowable.
4 Since the reopening proposed
return
under section 139(4) or revised return under section 139(5) as the wordings used
in section 54(2) is " section ... length the issue under consideration i.e. the
entitlement of the assessee's claim of exemption under section 54 . In our
considered view
section 54 is concerned, the assessee has not claimed the
cost of acquisition of the said property for working out the deduction under
section 54 ... Gain Account Scheme, the assessee
continue to be eligible for exemption under section 54 of the Act. It was
submitted that where there
return of income for the relevant assessment year, I
claimed exemption under section 54 of the Income Tax act, 1961
(the IT Act ) in respect ... plain reading of Section 54 of the I.T.Act, it is very clear
that to avail the benefit under sec 54
expression ―furnishing the return of income under sub-section (1) of
section 139 ‖ under section 54(2) of the Act should be liberally construed ... furnishing
the 'return of income' under Sec. 139 , his claim of exemption under Sec. 54
is found to be in order
exemption
under section 54G of the Act, the Assessing Officer is required to
examine as to whether the assessee is eligible for exemption under
section ... Ravilla Aerospace Industries P. Ltd. and
accepted the claim of exemption under section 54G of the Act. In this
case, particularly, the Assessing Officer knowingly
capital gain
under Section 53(c) of the IT Act and for claiming exemption under
Section 54 F of the IT Act , 1961 issued ... crores as their share. Under these circumstances, the petitioners
have filed returns under Section 139 of the Income
The Satara District Bar Association ... vs State Of Maharashtra Through The ... on 29 March, 2022
