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2010 (11) TMI 510 - AT - Income TaxExemption u/s. 54EC - capital gain on transfer - the Assessing Officer has not considered the claim of the assessee for deduction either u/s.54 or u/s.54EC of the Act as he was of the opinion that the receipt on sale of TDR was chargeable to tax under the head "Income from Other sources" - It was incumbent on the part of the Assessing Officer to have examined this claim notwithstanding his stand that the receipt on sale of TDR has to be assessed under the head "income from Other Sources" - The AO ought to have applied his mind and rejected the claim of the assessee for exemption u/s.54 or 54EC of the Act, if according to him conditions for allow exemption under the said section is not satisfied - The CIT(A) found that the correct head under which the income from sale of TDR has to be assessed is Capital Gain he also found that the claim for deduction u/s.54 and 54EC as made to the assessee was correct - It was for the first time by this Miscellaneous Application that the Revenue has sought to raise a plea that the conditions for allowing deduction u/s.54 were not satisfied - such a stand cannot be allowed to be raised for the first time by way of a Miscellaneous application - the present Miscellaneous Application is misconceived and the same is dismissed.
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