TMI Blog2018 (4) TMI 1427X X X X Extracts X X X X X X X X Extracts X X X X ..... for adjudication of the said claim are already on record. In the case in hand, there is no denial that the assessee filed all the relevant documents when the assessee has filed the revised computation of income claiming deduction under section 54F and the AO without considering the claim on merits has rejected on technical ground. Therefore, in the facts and circumstances of the case, we are of the considered view that the ld. CIT (A) is not justified in rejecting the claim of the assessee - set aside this issue to the record of ld. CIT (A) for re-considering the same on merits - Decided in favour of assessee for statistical purposes. - ITA No. 1017/JP/2017 - - - Dated:- 4-4-2018 - SHRI VIJAY PAL RAO, JM AND SHRI VIKRAM SINGH YADAV, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t Bassi Tehsil, Jaipur. The assessee filed his return of income on 29.09.2013 declaring total income of ₹ 3,86,100/-. During the course of scrutiny assessment proceedings, the AO noted that in the computation of income the assessee has declared loss of ₹ 1,62,808/- on account of sale of land. The AO asked the assessee to furnish the copy of Sale Deed of the sold property on which the assessee has claimed capital gain loss. In response, the assessee filed revised computation of income and has shown income of ₹ 5,98,464/- from sale of land under the head Income from Long Term Capital Gains by considering DLC rate as full value consideration. The assessee has also submitted before the AO that the assessee has surrendered this ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the ground of non filing of return of income. In support of his contention, he has relied upon the decision of Hon ble Jurisdictional High Court in the case of CIT vs. Rajasthan Fasteners P. Ltd. 363 ITR 271 (Raj.) and submitted that the Hon ble High Court has held that there is no restriction or limitation on the powers of the appellate authority to entertain and consider a claim without filing the revised return of income when all the relevant facts were already available on the assessment record. The ld. A/R has also relied upon the CBDT Circular No. 14(XL- 35) of 1955 dated 11.04.1955 and submitted that the AO is supposed to assess the correct income and should not take the advantage of any mistake of the assessee in not making a claim ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ment by the assessee of any particulars of income or facts. In respect of this transaction, the ld. A/R has further submitted that the assessee accepted the full value consideration as the value adopted by the stamp valuation authority and accordingly surrendered the income and paid the due tax. Thus the assessee has fully co-operated with the Assessing Authority and has acted in bonafide. 4. We have considered the rival submissions as well as the relevant material on record. In the original return of income filed by the assessee, the assessee has shown the sale consideration of the property as per the sale document without considering the full value consideration in terms of section 50C of the Act. During the course of assessment procee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... appeal proceedings Honorable Supreme Court in the case of Goetze India Ltd. vs. CIT 284 ITR 323 allowed ITAT to consider such claim which was not made by way of return of income. However, Apex Court did not allow the same liberty to the CIT (A) whose powers are co terminus with the assessing officer. In view of the same the claim under section 54F is rejected. Thus it is clear that neither the AO nor the ld. CIT (A) has examined the claim of the assessee on merits but rejected the same in limini for want of filing the revised return of income. It is pertinent to note that the claim under section 54F was not made by the assessee against the income which was offered to tax in the return of income so that the condition of filing the revi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat the assessee filed all the relevant documents when the assessee has filed the revised computation of income claiming deduction under section 54F and the AO without considering the claim on merits has rejected on technical ground. Therefore, in the facts and circumstances of the case, we are of the considered view that the ld. CIT (A) is not justified in rejecting the claim of the assessee. Accordingly, we set aside this issue to the record of ld. CIT (A) for re-considering the same on merits after verifying the facts as already available on record and to ascertain whether all the conditions as required under section 54F are being fulfilled by the assessee. Needless to say that the assessee be given an opportunity of hearing before passi ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
