Concessional penalty for search-disclosed unreconciled jewellery applies where substantive disclosure conditions are met despite omission from origina...
The ITAT held that an assessee is eligible for deduction u/s 54F of the Income Tax Act from long-term capital gains, even if the claim was not made while filing the return but was raised before the CIT(A). The Appellate Authorities are not barred from entertaining a fresh claim. The ITAT set aside the orders of the lower authorities and directed the Assessing Officer to verify the facts regarding acquiring the new asset and allow deduction u/s 54F in respect of long-term capital gains.
The ITAT held that an assessee is eligible for deduction u/s 54F of the Income Tax Act from long-term capital gains, even if the claim was not made while filing the return but was raised before the CIT(A). The Appellate Authorities are not barred from entertaining a fresh claim. The ITAT set aside the orders of the lower authorities and directed the Assessing Officer to verify the facts regarding acquiring the new asset and allow deduction u/s 54F in respect of long-term capital gains.
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