TaxTMI 
TaxTMI 
2016 (9) TMI 1563
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....zed Representative submitted that the assessee was under the bonafide belief that he has handed over the file to his representative to pursue the appeal, but in fact by oversight he has failed to do so. It was therefore argued by the learned Authorized Representative that the assessee should not be made to suffer for his inadvertent mistake. With the above submission, the learned Authorized Representative pleaded that the delay of 33 days in filing the appeal may be condoned. The learned Departmental Representative strongly opposed to the submissions of the learned Authorized Representative. After hearing both sides, we are of the opinion that the delay in filing the appeal by the assessee should be condoned and accordingly, we proceed to h....
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....period of three years from the date of the sale of land and furnished the proof of the same along with the valuation report and other relevant documents. The learned Assessing Officer after examining the particulars furnished by the assessee came to the conclusion that the assessee is not eligible for deduction under section 54 of the Act because he has not deposited the sale proceeds in the capital gain scheme account as per section 54 (2) of the Act in a nationalized bank account but had deposited only in his regular savings account. Accordingly, he taxed the amount of Rs. 18,41,724/- under the head 'long term capital gain'. 5. On appeal, the learned Commissioner of Income Tax (Appeals) dismissed the appeal of the assessee by observing ....
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....yam Sundar Vs. JCIT in ITA No.2279/Mds/2015 dated 06.05.2016 and the decision of the Hon'ble Apex Court in the case of Motilal Padampat Sugarmill Co.Ltd. Vs. State of Uttar Pradesh & Ors. reported in 118 ITR 326 (SC). 7. The learned Departmental Representative on the other hand argued in support of the orders of the Revenue. 8. We have heard the rival submissions and carefully perused the materials available on record. In the decision of Shri Madhuvan Prasad Vs. ITO, supra the Chennai Bench of the Tribunal has allowed the benefit of section 54 of the Act because the assessee had fulfilled all the conditions prescribed under section 54 of the Act barring the deposit of the sale proceeds in the "capital gain scheme account" as prescribed ....