Assessee\u00a0 sold the\u00a0property, but he \u00a0neither admitted capital gains on sale of property nor claimed exemption under any of provisions of Act.\u00a0 The AO accepted income declared . CIT revised the\u00a0 \u00a0order holding that since assessee neither declared capital gain nor claimed any deduction in respect thereof in return of income, his claim for deduction was not allowable. \u00a0Tribunal held that ,\u00a0 since the \u00a0sale proceeds \u00a0were invested for construction of another residential property, mere fact that deduction was not claimed in return of income could not be the ground\u00a0 for denial of assessee’s claim. \u00a0Accordingly the \u00a0revisional order passed by the CIT \u00a0\u00a0is bad in law .is not as per law. \u00a0(AY.2010 \u2013 2011)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 263 : Commissioner – Revision of orders prejudicial to revenue –
\n– Capital gains – Investment in construction of another house property within prescribed time – Deduction cannot be denied merely because exemption was not claimed in return of income. [ S. 45,54F, 139 ]<\/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":[1],"tags":[],"class_list":["post-2149","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-yF","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/2149","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=2149"}],"version-history":[{"count":2,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/2149\/revisions"}],"predecessor-version":[{"id":4301,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/2149\/revisions\/4301"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=2149"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=2149"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=2149"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}