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2015 (9) TMI 1058 - HC - Income TaxAdmission of additional evidence - non disclosure of sale of the joint family property in the return of income - whether the Tribunal was justified in making an allowance for any fresh claim of deduction without the claim being made in the return of income or without filing a revised return of income? - Held that:- Failure to disclose the fact of receipt of capital gains on sale of joint family property in the return of income, was deliberate and malafide, also does not stand for scrutiny. This for the reason that the entire amount which would otherwise be chargeable to tax as long term capital gain would be entitled to deduction, in view of the same having been invested in terms of Section 54 and 54EC of the Act. This itself is an indication of the fact that there was nothing to be gained by the respondent-assessee in not disclosing the fact of sale of joint family property. Besides neither the grounds of appeal before us nor in the appeal filed before the Tribunal has the Revenue even taken up the plea that non disclosure of sale of the joint family property in the return of income by the respondent assessee is malafide and therefore, the respondent - assessee is not entitled to deduction under Section 54 and 54EC of the Act. We find that the question of law as proposed by the Revenue stands covered in favour of the respondent - assessee by the decision of the Apex Court in the case "Geotez India Ltd." (2006 (3) TMI 75 - SUPREME Court) and the decision of this Court in the case "Pruthvi Brokers and Shareholders P. Ltd."(2012 (7) TMI 158 - BOMBAY HIGH COURT) wherein held held that though the Assessing Officer would not be empowered to deal with the claim of deduction which did not find place either in the return of income or in the revised return of income filed before the Assessing Officer, yet it would not fetter the powers of Income Tax Appellate Tribunal under Section 254 of the Income Tax Act, 1961 to consider such a claim. Thus no substantial question of law arises for our consideration. - Decided against revenue.
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