2020 (11) TMI 215

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....the assessment after verification into the computation of capital gains and the exemption under section 54 of the Act. 2. Brief facts of the case are that the assessee filed the return of income for the assessment year 2014-15 on 30.08.2014 admitting an income of Rs.  15,29,430/-. The return filed by the assessee was selected for scrutiny and against the statutory notices, the assessee furnished the details. On verification of the details filed by the assessee, the Assessing Officer completed the assessment under section 143(3) of the Act by assessing long term capital loss at Rs.  NIL. 3. By invoking the provision of section 263 of the Act, the ld. PCIT was of the opinion that the assessment order passed under section 143(3) of....

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....ed in respect of sale of landed property at Yercaud. But, on examination of the working of the capital gain/loss, the Assessing Officer observed that the assessee has wrongly computed the indexed cost of improvement with respect to the property. On bringing the above fact to the notice of the assessee, a revised computation has been furnished by the assessee and accordingly, the long term capital loss was reduced to NIL and held that the assessee shall not be eligible to carry forward any long term capital loss. 5.1 While invoking the provisions of section 263 of the Act and on perusal of the sale deed furnished during the assessment proceedings, the ld. PCIT has noticed that the construction of the building was completed only on 23.03.201....