2025 (7) TMI 585

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....jam, CA For the Respondent: Shri S. Senthil Kumaran, CIT ORDER PER S.S. VISWANETHRA RAVI, JUDICIAL MEMBER: This appeal filed by the assessee is directed against the final assessment order dated 28.01.2025 passed under section 143(3) r.w.s. 144C(13) of the Income Tax Act, 1961 ["Act" in short] for the assessment year 2022-23. 2. The assessee raised 10 grounds of appeal, amongst which....

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....ssee explained that he made an application for opening capital gain account to his banker on 28.07.2022, the Assessing Officer held that the net consideration credited to the said capital gain account only on 03.10.2022, since is beyond the due date for filing return of income under section 139(1) of the Act, the Assessing Officer denied deduction claimed under section 54F of the Act. Having aggri....

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....e made the application much before the time specified under section 139(1) of the Act. Further, he argued that merely because the assessee has not been able to deposit in the capital gain account, the deduction under section 54(1) of the Act cannot be denied. He submits that it is a mere non-compliance of procedural requirement under section 54(2) of the Act itself cannot stand in the way of getti....

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....grant the benefit of deduction. He submits that the Assessing Officer denied exemption for mere non-compliance of requirement of law under sub-section (1) of section 54F of the Act is not justified and he prayed to remand the matter to the file of the Assessing officer for verification whether the assessee complied with the condition stipulated under sub-section (1) of section 54 of the Act. 5.....