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2017 (9) TMI 559 - AT - Income TaxRevision order u/s 263 - exemption of LTCG u/s 54F - sale of rights in tenanted property - AO allowed exemption - assessment revised by ld.CIT u/s 263 - assessee was dormant investor - Building looked after by assessee's wife - Lump sum consideration to treated as ‘Income from other Sources’ instead of ‘Capital Gain’ - Held That:- As per our view, the AO raised all necessary queries regarding the claim of LTCG. We have further observed that the ld CIT after considering the facts of the case not disputed the receipt of amount of compensation and the claim of LTCG, what is disputed is that the excess of % received be treated as ‘income from other source’. Hence, the order passed by assessing officer is neither erroneous prejudicial nor prejudicial to the interest of the revenue. we allow the ground of appeal raised by assessee.
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