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

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