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2012 (8) TMI 608 - HC - Income TaxPower under Section 263 of the Act - assessee has income from capital gains and has claimed exemption under Section 54F of the IT Act for the investment made in a new asset - Assessing Officer accepted the return filed by the assessee - revisional Authority issued a notice under Section 263 of the Act and after hearing the assessee passed an order taking away the benefit on the ground that investment made beyond the time period – Held that:- Tribunal accepted that Investment made by the assessee being within the time specified under sub-section (4) of Section 139 of the I.T.Act, the assessee is eligible for exemption under Section 54F of the I.T.Act - If the judgment passed by this Court is erroneous, the revenue should have challenged the said order. At any rate that cannot be a ground for invoking Section 263 of the Act
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