2024 (2) TMI 1163

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....Ars For the Respondent : Shri B.P Makwana, Sr.DR ORDER PER WASEEM AHMED, ACCOUNTANT MEMBER: The captioned appeal has been filed at the instance of the Assessee against the order of the Learned Commissioner of Income Tax (Appeals), Ahmedabad, arising in the matter of assessment order passed under s. 147 r.w.s. 144 of the Income Tax Act, 1961 (here-in-after referred to as "the Act") rele....

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....r the assessee to file the return of income. Thus, the AO in the absence of return filed by the assessee has disallowed the exemption claimed u/s 54EC of the Act and added to the total income of the assessee. 4. Aggrieved assessee preferred an appeal to the Ld. CIT(A), who has also confirmed the order of the AO by observing as under: Since the claim was not made for seeking exemption u....

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....ital gain, the investment made in certain bonds and properties have been saved for calculating the income chargeable to tax under the head capital gain. Accordingly, the Ld. AR submitted that the assessee should be allowed the benefit of exemption u/s 54EC of the Act. 7. On the other hand, the Ld. DR vehemently supported the order of the authorities below. 8. We have heard the rival contenti....