2023 (8) TMI 1736

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.... Pridhi Jaswinder Sandhu, Junior Standing Counsel Fort the Respondent : None ORDER Ritu Bahri, J. 1. The instant appeal under Section 260A of the Income Tax Act, 1961, has been filed against the order dated 22.06.2022 (Annexure A-4) passed by the Income Tax Appellate Tribunal, Chandigarh, whereby appeal filed by the respondent-assessee, for the assessment year 2016-2017, against the or....

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.... Officer was directed to pass a fresh order. Against the said order, the assessee preferred an appeal before the Income Tax Appellate Tribunal, Chandigarh. 3. On appeal, the Tribunal observed that the assessee is a retired pensioner and he had sold residential plot No.227, Mansa Devi Complex (MDC) at Urban Estate, Panchkula, for a sale consideration of Rs.1,28,50,000/- on 14.12.2015. The said p....

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....ion of Rs. 98,78,721/-. The opinion of the Revisional Authority was that the assessee had claimed exemption in excess to the tune of Rs. 51,62,050/-. 5. However, on appeal, the Tribunal observed that the assessee had produced the bank statements before the Assessing Officer as well the Revisional Authority. Sh. Sukhbir Singh, son of the assessee, had taken a house loan and this fact has been ig....

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....t dis-entitle the assessee to claim exemption. The Tribunal had also clarified that the judgment passed in Kamal Kant Kamboj vs. ITO, 397 ITR 240 (P&H), referred to by the Revenue, will not be applicable to the facts of the present case, as in that case, the assessee had invested money in the property exclusively in the name of his wife and in this background, he could not claim exemption for long....