{"id":12852,"date":"2020-10-09T15:02:49","date_gmt":"2020-10-09T15:02:49","guid":{"rendered":"https:\/\/itatonline.org\/digest\/satish-s-prabhu-v-acit-2020-181-itd-63-mum-trib\/"},"modified":"2020-10-09T15:02:49","modified_gmt":"2020-10-09T15:02:49","slug":"satish-s-prabhu-v-acit-2020-181-itd-63-mum-trib","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/satish-s-prabhu-v-acit-2020-181-itd-63-mum-trib\/","title":{"rendered":"Satish S. Prabhu v . ACIT (2020) 181 ITD 63 (Mum) (Trib.)"},"content":{"rendered":"<div>\n<p>Assessee inherited a residential Flat. He entered into a development agreement and surrendered said old\u00a0 flat . He received new residential flat after development . In return of\u00a0 income assessee neither offered capital gains nor claimed any deduction under S. 54 or 54F of the Act . In course of\u00a0 assessment proceedings, assessee offered capital gain and Claimed deduction under wrong S. 54F of the Act . The AO disallowed the claim which was affirmed by the CIT (A) . On appeal the Appellate Tribunal held that merely because assessee had not offered or\u00a0 disclosed capital gain on\u00a0 transfer of\u00a0\u00a0flat in\u00a0 his\u00a0 return of\u00a0 income, it\u00a0 would not disentitle him from availing statutory deduction if\u00a0 he was entitled to\u00a0 it . Tribunal held that revenue authority had no doubt that flat that was transferred and received back after re-development was residential property, merely because assessee claimed deduction under wrong provision of\u00a0 S. 54F\u00a0 assesses\u00a0 claim could not be\u00a0 disallowed if\u00a0 it\u00a0 was allowable under an appropriate provision. Accordingly the assessee is held to be entitled to deduction under S. 54\u00a0 of the Act . (AY. 2012-13) <b>\u00a0<\/b><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>S. 143(3) : Assessment \u2013 Profit on sale of  property used for residence &#8211; Capital gains -Exemption was not claimed in the return however claimed under wrong section in the course of assessment -Merely because assessee claimed deduction under wrong provision of  S. 54F  assesses  claim could not be  disallowed if  it  was allowable under an appropriate provision-Entitle to exemption\/s 54 of the Act . [ S.54 , 54F ]  <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-12852","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-3li","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/12852","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=12852"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/12852\/revisions"}],"predecessor-version":[{"id":12853,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/12852\/revisions\/12853"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=12852"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=12852"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=12852"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}