2017 (12) TMI 1656

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....e for A.Y. 2009-10 on 29.07.2009 declaring total income of Rs. 1,83,040/- which was revised on 30.03.2011 with total taxable income to Rs. 3,12,140/-. The case was selected for scrutiny and thereafter assessment was framed u/s 143(3) of the Act vide order dt.30.12.2011 and the total taxable income was determined at Rs. 3,12,139/- and the taxable long term capital gains at Rs. 1,26,41,650/-. Aggrieved by the order of AO, assessee carried the matter before Ld. CIT(A), who vide order dt.31.03.2015 (in appeal No.PN/CIT(A)-4/ITO, Wd-4/597/2011-12) granted substantial relief to the assessee. 3. Aggrieved by the order of Ld.CIT(A), Revenue is now in appeal before us and has raised the following grounds : "1. The order of the Commission....

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....tial flat within a period of one year before or two years after the date on which the transfer took place or within a period of three years after the date constructed a residential house and the balance amount which was not utilized by the assessee for the purpose of construction of new asset should have been deposited in a specified bank account before filing of return of income u/s 139(1) of the Act. In case of the assessee, AO noticed that assessee had failed to deposit the amount of capital gains in the capital gain account as required u/s 54(2) of the Act before the date of furnishing of return u/s 139(1) of the Act. He accordingly denied the claim of the deduction u/s 54 of the Act. Aggrieved by the order of AO, assessee carried the m....