2019 (9) TMI 717

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....w, the CIT(A) has erred in allowing the claim of deduction u/s 54B of Rs. 1,27,28,116/- which has neither been claimed by the assessee in the return of income nor has filed the revised return. 2. On the facts and circumstances of the case and in law, the CIT(A) is not correct in ignoring the decision of the Hon'ble Supreme Court in the case of M/s. Goetze India Pvt. Ltd. 284 ITR 323 (SC), wherein it has been held that such claim can only be allowed when the assessee filed a revised return. 3. For this and such other reasons as may be urged at the time of hearing, the order of the CIT(A) may be vacated and that of the Assessing Officer be restored. 3. The issue raised in the present appeal filed by Revenue is against....

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....he claim of exemption under section 54B of the Act and the same be allowed to the assessee. However, the Assessing Officer relying on the ratio laid down by the Hon'ble Supreme Court in M/s. Goetze India Pvt. Ltd. Vs. CIT reported in 284 ITR 323 (SC) held that any claim could be allowed only when the assessee files revised return. Therefore, the claim of assessee was disallowed and sum of Rs. 1.27 crores i.e. Short Term Capital Gains of Rs. 71,23,306/- and Long Term Capital Gains of Rs. 56,04,810/- was brought to tax under the head 'Income from capital gains'. 5. The CIT(A) noted the plea of assessee and observes that where the assessee had not disclosed any income from capital gains in the return of income, then there was no basi....

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....ppeal filed by Revenue is against directions of CIT(A) in allowing the benefit claimed under section 54B of the Act by Assessing Officer, in case the assessee has fulfilled all the conditions laid down in the said section. Admittedly, the assessee had not offered any income from Long Term Capital Gains or Short Term Capital Gains on sale of agricultural land in its hands, in the return of income. However, it had shown exempt agricultural income on account of sale of agricultural land which was duly reflected in the return of income. The Assessing Officer sought information from the Municipal authority and since the land sold by assessee was within 8 Kilometers from the Municipal limits, the Assessing Officer held that gain arising from the ....