2021 (6) TMI 305

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....t the order of the ld. Commissioner of Income Tax (Appeals)- 7, Kolkata dated 17. 01. 2018 and the solitary issue involved therein relates to the addition of Rs. 6, 14,674/- made by the Assessing Officer and confirmed by the ld. CIT(Appeals) on account of long- term capital gain. 2. At the outset, it is noted that there is a delay of 484 days on the part of the assessee in filing this appeal befo....

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....rty amounting to Rs. 6, 14,674/- was declared by the assessee and the same was adjusted against the loss of Rs. 8, 64, 542/- arising from the commodity share transaction. Since the loss from commodity share transaction was not eligible for adjustment against the long-term capital gain arising from the sale of residential property, the Assessing Officer disallowed the claim of the assessee for such....

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....ed for exemption under section 54EC of the Act on account of long- term capital gain. He, therefore, disallowed the claim of the assessee and confirmed the addition made by the Assessing Officer on account of long- term capital gain. Aggrieved by the order of the ld. CIT(Appeals), the assessee has preferred this appeal before the Tribunal. 5. I have heard the arguments of both the sides and also ....

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....material contention to dispute this position. He has only submitted that the assessee wanted to invest the long- term capital gain in purchase of another residential property and unable to find the suitable property, he finally invested the amount in long- term capital gain bonds on 21. 01.2020. In my opinion, this aspect is irrelevant to decide the eligibility of assessee for exemption under sect....