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2017 (5) TMI 166 - AT - Income TaxValidity of reassessment proceedings - the claim of the assessee U/s 54F was in respect of long term capital gain arising on the sale of plot, has been disallowed - claim of AO is that AO came to know that the assessee was having two residential properties - The ld AR of the assessee has categorically stated that the assessee is not having any residential property at Bayana. The figure mentioned in the balance sheet was a mistake of the accountant - Held that: - It is noticed that the balance sheet submitted for the year ending of 31/3/2008 relevant to assessment year 2008-09 has shown house property - However, the balance sheet filed for preceding year i.e. 31/3/2007 relevant to assessment year 2007-08, the assessee has shown two house properties one located at Bayana and another at Jaipur - Assessing Officer was justified in reopening the assessment proceedings I find it appropriate to restore the issue back to the file of the Assessing Officer. The Assessing Officer shall investigate with regard to the claim of the assessee that he is not having any property at Bayana and after ascertaining the correct fact, the Assessing Officer shall decide the issue accordingly in accordance with law - appeal allowed by way of remand.
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