Section 54 Deduction Issue Remanded for Failure to Consider Judicial Precedents

Rajesh Narendrabhai Patel Vs ITO (ITAT Ahmedabad) The Income Tax Appellate Tribunal (ITAT), Ahmedabad, considered an appeal arising from an order of the Commissioner of Income Tax (Appeals), NFAC, for Assessment Year 2012–13. The case originated from reassessment proceedings under sections 143(3) read with 147 of the Income-tax Act. The assessee, an individual, had not originally filed a return but later filed one in response to a notice under section 148, declaring income including house property income and nil capital gains after claiming indexed cost. During assessment, the Assessing Offi...