2024 (5) TMI 108

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....eard Sri Manu Ghildyal, learned counsel for the revenue and perused the record. 2. Present appeal has been filed under Section 260-A of the Income Tax Act, 1961 (hereinafter referred to as the 'Act') arising from the order of the Income Tax Appellate Tribunal, Delhi Bench : 'G' New Delhi dated 07.12.2023 passed in Income Tax Appeal No. 1174/Del/2022 for A.Y. 2012-13. By that ord....

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....he Act ? 3. Whether, in the facts and circumstances of the case and in law, the ITAT is justified in allowing the appeal of the assessee holding that when the basic condition of Section 54(1) of the Act has been satisfied, the foregoing provision of Section 54(2) of the Act becomes redundant ?" 4. Undoubtedly, the assessee sold residential house in which she had a share. The sale took ....

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....of capital gain that arose to her in her bank account and that she did not make the investments therefrom in accordance with the Scheme of the Act. Thus, violation of Section 54 of the Act was alleged. 6. The Tribunal has dealt with the issue and found that the Assessing Officer thoroughly examined the sale of immovable property that had resulted in capital gain. He had examined the written rep....

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....unal. While procedural lapse may have been caused by the assessee in observing the provision of Section 54 of the Act, in absence of real prejudice having arisen to the revenue, upon claim capital gain having been allowed by the Assessing Officer the Tribunal may have rightly allowed the assessee's appeal. 9. Seen in the context of an assessee with modest means, we find, the Commissioner of....