2022 (12) TMI 1320

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....h, Sr. DR ORDER This is an appeal by the assessee against order dated 31.08.2018 of learned Commissioner of Income-Tax (Appeals), Ghaziabad for the assessment year 2009-10. 2. Though, the assessee has raised grounds, both challenging the legality of proceedings initiated under Section 147 of the Act as well as on the merits of the addition made of Rs.3,55,602, however, at the time of hear....

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....of assessment proceedings. Therefore, he proceeded to complete the assessment to the best of his judgment by invoking the provisions of section 144 of the Act. Taking note of the fact that the property was owned by four persons, the Assessing Officer apportioned on 1/4th of the total sales consideration as gain of the assessee from sale of immoveable property and added back an amount of Rs.8,61,25....

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....and resultant long term capital gain arising at assessee's hand is Rs.3,55,602. Thus, he directed the Assessing Officer to sustain addition of Rs.3,55,602 as long term capital gain. While doing so, he rejected assessee's claim of deduction under Section 54B of the Act on the ground that the agricultural land was purchased in the name of assessee's wife. 6. Before me, learned counsel appearing f....

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....ord. 9. The short issue arising for consideration before me is whether the assessee is eligible to claim deduction under Section 54B of the Act. The factual aspect relating to this issue remains undisputed. Therefore, there is no need to deliberate further on facts. The only reason for which learned Commissioner (Appeals) has denied assessee's claim of deduction under Section 54B of the Act is ....