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2020 (6) TMI 205 - AT - Income TaxReopening of assessment u/s 147 - deduction u/s 54F - HELD THAT:- Where the assessee is a farmer and a senior citizen, the claim of deduction u/s 54F cannot be denied without verification of the fact of utilization of the sale consideration for construction of the house. Since it is a case of non-filing of return of income and the A.O. has issued notice u/s 148 for assessing the capital gain in the hands of the assessee, therefore, there is no bar in claiming the deduction u/s 54F of the Act against the capital gain proposed to be taxed by the A.O. in the proceedings U/s 147 of the Act. Hence, the issue of deduction u/s 54F of the Act is required to be considered and decided after considering the facts of utilization of sale proceed in construction of new residential house. Therefore, in the substantial interest of justice, we set aside the matter back to the record of the A.O. for deciding the same afresh after giving due and reasonable opportunity of hearing of the assessee. Appeal of the assessee is allowed for statistical purposes only.
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