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TMI Blog2015 (9) TMI 1058X X X X Extracts X X X X X X X X Extracts X X X X ..... fied 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 as held in the case of Goetze (India) Ltd. by the Hon'ble Supreme Court (284 ITR 323 (SC)) ?" 3. The respondent-assessee filed its return of income for the subject Assessment Year declaring the income of Rs. 2.51 lakhs. During the course of the assessment proceedings, the Assessing Officer found that there was sale of joint family property which resulted in respondent assessee receiving Rs. 50 lakhs which had not been disclosed in the return of income, when confronted with the same, the respondent assessee pointed that he has made necessary investment under Sections 54 and 54EC o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e with the order of the CIT (A) allowing the appeal of the respondent - assessee. 6. Mr.Kotangale, learned Counsel for the Revenue urges that as the respondent had not made claim for deduction under Section 54 and 54EC of the Act either in his return of income or by filing revised return of income, the respondentassessee is not entitled to the benefit of the same. In support reliance is placed upon the decision of the Apex Court in the case of "Goetze (India) Ltd." (supra) Mr.Kotangale further submits that the claim made by the respondent-assessee was not a bonafide claim as this claim was made only after the Assessing Officer has discovered that the Assessee has not disclosed the fact of capital gains made by him on account sale of joint ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Kotangale, learned Counsel for the Revenue that for 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 respondentassessee 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 p ..... X X X X Extracts X X X X X X X X Extracts X X X X
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