Assessing Officer reopened assessment on grounds that assessee had claimed deduction under section 54 on account of investments made in two properties and deduction under section 54 was required to be confined to only one of said properties and that assessee had claimed deduction under section 54EC in excess of Rs. 50 lakhs, which, according to Assessing Officer was not permissible, and he also determined long-term capital gain chargeable to tax in the hands of assessee on sale of house property and made addition.Tribunal held that deduction under section 54EC was not confined to Rs. 50 lakhs only and that deduction under section 54 was not confined to investment made in one residential house and revenue had accepted the Tribunal’s decision and remanded matter back for determining fair market value of said property. Court held that since none of the reasons for which assessment was opened were sustained, no other addition or disallowance on any other grounds could be sustained. Since the reasons for which reassessment proceedings had been initiated were not sustained, other additions made by the Assessing Officer did not survive. Order of Tribunal affirmed. \u00a0(AY. 2010-11) \u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 147: Reassessment-Capital gains-Deduction allowed only one house-Investment in specified securities-Tribunal had held that reassessment was bad in law-Order of Tribunal affirmed. [S. 54,54 EC, 148, 260A] <\/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_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[21],"tags":[],"class_list":["post-65078","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-gVE","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/65078","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=65078"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/65078\/revisions"}],"predecessor-version":[{"id":65079,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/65078\/revisions\/65079"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=65078"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=65078"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=65078"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}