Tribunal held that merely because capital gain was not deposited in capital gain account scheme within time, the assessment order allowing assessee’s claim under section 54 could not be treated as erroneous and prejudicial to interest of revenue where capital gain was invested in purchase/construction of residential house within time limit prescribed under section 54(1).Revision is held to be not valid. (AY. 2012-13)
Sarita Gupta (Ms.) v. PCIT [2024] 109 ITR 373 / 204 ITD 299 (Delhi) (Trib)
S. 263 : Commissioner – Revision of orders prejudicial to revenue – Capital gains -Profit on sale of property used for residence -Capital gains not deposited in CGAS -Capital gain was invested in purchase/construction of residential house within time limit prescribed under section 54(1) –Revision is held to be not valid. [S. 45, 139(1)]