2022 (7) TMI 280

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.... SYAL, VP : This appeal by the assessee is directed against the order dated 09-03-2021 passed by the CIT(A)-1, Nashik u/s.263 of the Income-tax Act, 1961 (hereinafter also called 'the Act') in relation to the Assessment year 2012-13. 2. There is a delay of 45 days in filing the appeal before the Tribunal. The ld. AR submitted that the delay pertains to Covid- 19 pandemic period. Ergo, the de....

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....r (AO) observed that the assessee had, inter alia, not disclosed the long term capital gain. In the assessment made u/s.143(3) r.w.s.147, the AO, amongst others, added a sum of Rs.32,59,900/- as long term capital gain (net of exemption u/s.54B of the Act amounting to Rs.20,09,600/- towards the value of new agricultural land purchased). The ld. Pr. CIT observed that the assessee was not entitled to....

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....of this transaction. It was only during the course of re-assessment proceedings that the AO detected non-declaration of long term capital gain at the net level of Rs.32,59,900/-, after allowing exemption u/s.54B of the Act. The ld. Pr.CIT has not disputed the otherwise admissibility of exemption u/s.54B of the Act. His opinion was that such a claim could not have been made before the AO for the fi....

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....e relevant provision unless a specific claim is made in the return of income, but such a clam can be entertained at the appellate stage, if it is really sustainable. Thus, the embargo is only on the AO and not on other higher authorities. 5. Adverting to the facts of the instant case, it is found that the ld. Pr.CIT has nowhere disputed the otherwise eligibility of the assessee to claim exempti....