2015 (3) TMI 1175

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.... deduction under section 54 of the Income-tax Act, 1961 (hereinafter referred to as "the Act"). The Assessing Officer, without noticing that the capital asset which had been transferred on which capital gains is computed, is not a long-term capital asset and being a residential house, allowed the claim of deduction under section 54 of the Act by order dated April 19, 2004. On examination of the assessment records, it was found that the assessee had made a wrong claim under section 54 of the Act and the same had been wrongly allowed by the Assessing Officer. Consequently, the Assessing Officer issued notice under section 154 of the Act. 3. The assessee accepted the mistake crept in the order of assessment and filed a revised computation c....

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....mpugned order, these appeals are filed by the Revenue on the following substantial questions of law : "(1) Whether the Tribunal was correct in holding that the finding of the Assessing Officer under section 154 of the Act that the assessee is not entitled for the benefit under section 54 and is entitled only under section 54F and section 54EC of the Act as accepted by the assessee is a debatable issue and, hence, proceedings under section 154 are incorrect and, consequently, recorded a perverse finding ? (2) Whether the Tribunal was correct in recording a finding considering the validity of proceedings under section 154 of the Act, when the Appellate Commissioner has not adjudicated the said issue though separate appeal wa....