https://www.taxtmi.com/caselaws?id=757414 The Tribunal dismissed the assessee's appeal, upholding the CIT(A)'s decision. The Tribunal condoned a six-day delay in filing the appeal, finding the reasons bona fide. However, it rejected the assessee's plea under section 54/54F of the Income Tax Act, 1961, as no capital gain was declared in the income return. The Tribunal ruled that directing the Assessing Officer to consider the section 54F claim was unwarranted, given the income was declared under "business or profession." Consequently, the Tribunal dismissed the grounds raised by the assessee, with the order pronounced on 21st August 2024 in Chennai. en-us Wed, 21 Aug 2024 00:00:00 +0530 Fri, 23 Aug 2024 13:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757414 The Tribunal dismissed the assessee's appeal, upholding the CIT(A)'s decision. The Tribunal condoned a six-day delay in filing the appeal, finding the reasons bona fide. However, it rejected the assessee's plea under section 54/54F of the Income Tax Act, 1961, as no capital gain was declared in the income return. The Tribunal ruled that directing the Assessing Officer to consider the section 54F claim was unwarranted, given the income was declared under "business or profession." Consequently, the Tribunal dismissed the grounds raised by the assessee, with the order pronounced on 21st August 2024 in Chennai. Case-Laws Income Tax Wed, 21 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757414