Assessee filed his return of income which was accepted under section 143(1). Subsequently the assessee raised a plea that due to mistake by his previous authorised representative, deduction under section 54F could not be claimed in return of income. Additional ground was raised before the CIT(A) claiming the exemption u/s 54 /54F. CIT(A) dismissed the additional grounds of appeal. On appeal the Tribunal held that no capital gain was shown in return of income. Income was declared under head profit from business or profession. Since there was no declaration of capital gain in return of income, direction to Assessing Officer to consider claim under section 54/54F would not arise. (AY. 2019-20)
Rajan Arputharaj Vincent Naveen. v. ACIT (2024) 209 ITD 114 (Chennai)(Trib.)
S. 54 : Capital gains-Profit on sale of property used for residence-declared income under head business or profession-No declaration of capital gains-Denial of exemption by the AO, which is up held by the CIT(A) is affirmed. [S. 28(i), 54F, 143(1)]