2012 (8) TMI 608

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....s a revenue's appeal challenging the order passed by the Tribunal which has set aside the order passed by the Director of Income Tax, International Taxation, Bangalore under Section 263 of the Income Tax Act, 1961. 2. The assessee is an individual non-resident. She filed her return of income declaring a total income of Rs.4/- on 31.10.2006. The case was taken up for scrutiny assessment under Se....

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.... was a mistake in the assessment order in accepting the capital gains because the figure of the share of the assessee as a beneficiary in the Sankaip Trust has been changed and determined by the Assessing Officer of M/s. Sankalp Trust. He further observed that the assessee had claimed deduction under Section 54F as per her statement of income and that the claim of deduction was not in accordance w....

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....dopted for the purpose of assessment. However, the Tribunal set aside the order of the Revisional Authority on the other aspect viz., application of Section 54F of the Act by holding that the investment made by the assessee being within the time specified under sub-section (4) of Section 139 of the I.T.Act, the assessee is eligible for exemption under Section 54F of the I.T.Act. The assessee has n....