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2023 (12) TMI 769 - ITAT RAJKOTValidity of Revision u/s 263 - Allowing Exemption u/s 54 instead of 54F - Source of LTCG is not from residential house and since the assessee had earned capital gain on transfer of plot of land - Solitary contention raised by assessee was that there was no prejudice caused to the Revenue by allowing assessee’s claim of exemption u/s. 54 since even in terms of section 54F assessee was eligible to the same quantum of exemption if not higher than that claimed u/s. 54 - DR contended that the calculation of exemption u/s. 54F of the Act was not as simple as contended by the assessee and needed verification by the AO HELD THAT:- We are in agreement with the DR. The contentions raised by the assessee against the order passed by the Ld.PCIT u/s. 263 of the Act, of no prejudice being caused to the Revenue by the allowance of claim of exemption u/s. 54 of the Act by the Assessing Officer, is a fresh contention raised for the first time before us. The assessee had never raised such contention before the Ld.PCIT. Besides, the said contention is subject to verification. Therefore this contention cannot be appreciated by us for arriving at any finding regarding the revisionary order passed by the Ld.PCIT. The Ld.PCIT has himself directed the AO to examine assesses eligibity to claim of exemption u/s 54F of the Act. On the basis of the facts before him and the position of law as appreciated by him correctly, the Ld. PCIT has arrived a finding error in the assessment order on account of incorrect allowance of claim of exemption u/s. 54 of the Act, which the assessee also does not deny / dispute. There is therefore no infirmity in the order of the Ld. PCIT holding the assessment order erroneous for having granted exemption u/s 54 to the assessee against the provisions of law in this regard. In the absence of any other argument made by the Ld. Counsel for the assessee before us we do not find any reason to interfere in the order of the Ld.PCIT and uphold the same. Appeal of the Assessee is dismissed.
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