AO Mistake on ROI Leads to Section 54F Reassessment Remand

Gopal Kundu Roy Vs ITO (ITAT Kolkata) When AO Treats ROI as ‘Not Filed’: Tribunal Sends 54F Dispute Back for Re-examination The dispute arose when AO reopened the case u/s 147 on the premise that Assessee had not filed ROI, treating the sale consideration as Rs. 3,00,000 instead of Rs. 15,00,000, & adopted stamp value of Rs. 15,09,374 for computing LTCG. Assessee however produced before Tribunal the original ROI filed u/s 139(1) wherein the sale transaction was duly reported & exemption u/s 54F was claimed based on investment in construction of a house. CIT(A) dismissed the appeal ...