Case Law Details
Smt. Monika Jain Vs ITO (ITAT Delhi)
The issue under consideration is whether the additional claim (section 54 exemption Claim) will be allowed to be presented in front of appellate authorities?
ITAT states that, the Assessing Officer has been barred from accepting any new claims, but no such bar has been imposed on the appellate authorities, including the first appellate authority. The assessee is in second round of the litigation and claim of the assessee for deduction under section 54 of the Act has not been decided properly and its evidence of investment or booking has not been examined in perspective of the relevant CBDT circulars and judicial decisions. The CBDT in Circular No. 672 dated 16/12/1993 has clarified that in terms of a scheme of the allotment and construction of the flat/house by the co-operative societies or the other institution are similar to those mentioned in para 2 of CBDT circular No. 471/Dated 15/10/1986 and thus such case may be treated as the construction of the flat for the purpose of section 54 and 54F of the Act. Accordingly, matter was remanded back to AO for examination afresh with direction to assessee to produce all documentary evidences before AO at the earliest.
FULL TEXT OF THE ITAT ORDER /JUDGEMENT
The assessee has preferred this appeal against the order dated 24/12/2018 passed by the Ld. Commissioner of Income-tax (Appeals), Faridabad [in short ‘the Ld. CIT(A)’] for assessment year 2011-12, raising following grounds of appeal:
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