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Income Tax Officer, Ward 27 (2) , New Delhi Versus Sh. Harish Chander Khullar

2017 (10) TMI 243 - ITAT DELHI

Disallowance of deduction u/s. 54B - Belated filing of return - investments in purchase of agricultural land for claiming the benefit of exemption u/s 54B was made by the assessee after the due date of filing of return u/s 139(1) i.e. 31.10.2006 - Held that:- There is no dispute about the fact that the return of income has been filed by the appellant within sub section 4 of 139 of the IT Act. The Assessing Officer has erred in disallowing the exemption on the long term capital gain of the appell .....

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-2007. Thus, sub-section (4) of section 139 provides extended period of limitation as an exception to sub-section (1) of section 139. Sub-section (4) is in relation to the time allowed to an assessee under sub-section (1) to file return. Therefore, such provision is not an independent provision, but relates to time contemplated under sub-section (1) of section 139. Therefore, such sub-section (4) has to be read along with sub-section (1). - Due date for furnishing the return of income as per .....

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U, JUDICIAL MEMBER AND SHRI L.P. SAHU, ACCOUNTANT MEMBER For The Department : Sh. Arun Kumar, Sr. DR For The Assessee : None ORDER PER H.S. SIDHU, JM: The Revenue has filed the present appeal against the impugned order dated 28/4/2014 passed by the Ld. Commissioner of Income Tax (Appeals)-XXIV, New Delhi on the following grounds:- On the facts and circumstances of the case, the Ld. CIT(A) erred in i) Deleting the disallowance of deduction u/s. 54B of I.T. Act amounting to ₹ 69,30,8000/- ma .....

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arned capital gain of ₹ 1,62,36,847/- on sale of agricultural land at Sonepat, Haryana on 22.3.2006 and invested the same in the purchase of another agricultural land at Rajasthan worth of ₹ 1,73,84,870/-(in 37 transactions) and claimed exemption u/s 54B of the Income Tax Act. A complete list of 37 transactions of purchase indicating date of purchase along with photo copies of all the deeds evidencing purchase of land were filed before the Assessing Authority during the assessment pr .....

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e u/s 139(1) of the Income Tax Act. The AO further noted that investment under the capital gain scheme amounting to ₹ 30,00,000/- was also made after the due date of submission of return. Therefore, the Assessing Officer issued a notice u/s 154/155 of the Income Tax Act with a proposal to rectify the mistake of allowing exemption u/s 54B of the Income Tax Act, on the long term capital gains the amount of ₹ 1,34,19,780/- only instead of ₹ 1,62,36,847/-. This notice was complied .....

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tate 8ank of India bearing No. 53500 dated 17.02.2007. The balance land was purchased after getting this FD encashed on 19.12.2007. It was pointed out that the AO missed the FDR of ₹ 62 lacs prepared on 12.10.2006 while issuing the said notice. Nothing happened on this notice thereafter which gave a presumption that the assessing officer was satisfied about the amount having been invested in FDRs before the date of filing of returns. Later on, the Assessing Officer issued a notice u/s 147/ .....

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ell. 4. Now the Revenue is aggrieved against the impugned order and filed the present appeal before the Tribunal and contested only the appeal on merit. 5. Ld. DR relied upon the order of the AO and reiterated the contentions raised in the grounds of appeal. 6. In this case, Notice of hearing to the assessee was sent by the Registered AD post, in spite of the same, assessee, nor his authorized representative appeared to prosecute the matter in dispute, nor filed any application for adjournment. .....

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nt, the Ld. First Appellate Authority has observed that AO has reopened the assessment and no new or tangent material has been brought on record to show that any income has escaped assessment by reason of the failure on the part of the assessee to disclose fully and truly all materials facts necessary for his assessment for the relevant assessment year. The reasons recorded by the AO do not indicate that his reason to believe was on ground of failure of the assessee to disclose material particul .....

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CIT vs. Kelvinator of India Ltd. (2002 256 ITR 1 (Del.). Therefore, the Ld. CIT(A) has rightly quashed the reassessment order dated 28.3.2013. However, we note that the Revenue has not challenged this legal ground of appeal before the Tribunal, as a result thereof, the Revenue s Appeal stands dismissed on the legal ground itself. Even otherwise, on merit also, it is noted that during the relevant assessment year the assessee has sold agricultural land at Village Rathdana, Tehsil Sonepat, Haryana .....

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chased agricultural land of ₹ 75,45,930/-. Thus, between the period 07.04.2006 to 19.12.2007, the assessee purchased agricultural land worth of ₹ 1,69,42,310/- and also incurred expenses for the purchase of land on account of commission and other expenses of ₹ 4,42,560/-. Thus, the aggregate amount of investment in the purchase of land by the appellant was of ₹ 1,73,84,870/-. From the above, it is clear that the assessee has invested in the purchase of agricultural land w .....

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pugned agricultural land was sold by the appellant on 22.03.2006 and the whole amount was invested in the purchase of another agricultural land by 19.12.2007 i.e. within the two years of the impugned sale of agricultural land. It is further observed that the Assessing Officer has disallowed the exemption uls 54B of ₹ 69,30,800/- only on the ground that the investments in purchase of agricultural land for claiming the benefit of exemption u/s 54B was made by the assessee after the due date .....

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tion 54B such as sub section 1, 2, 3 or 4 etc. There is no dispute about the fact that the return of income has been filed by the appellant within sub section 4 of 139 of the I T Act. The Assessing Officer has erred in disallowing the exemption on the long term capital gain of the appellant uls 548 of the I.T. Act of ₹ 69,80,300/-. There is no dispute about the fact that the whole of long term capital gain of ₹ 1,65,27,403/- has been invested by the appellant in the purchase of anoth .....

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t dates for filing the returns for different assessees. In the case of assessee, it is 31st day of July of the assessment year in terms of clause (e) of the Explanation 2 to sub-section (1) of section 139, whereas sub-section (4) of section 139 provides for extension in period of due date in certain circumstances. [Para 10] Thus, if a person had not furnished the return of the previous year within the time allowed under sub-section (1), i.e., before 31st day of July of the assessment year, the a .....

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