Rahul Monal Chokshi Vs National Faceless Assessment Centre (NFAC) (ITAT Ahmedabad)
ITAT Ahmedabad held that claim of exemption under section 54F vide return of income filed in compliance to notice u/s. 148 needs to be evaluated by AO. Accordingly, matter restored back to the file of J.A.O. for making necessary verification for exemption claim.
Facts- The assessee received a sale consideration of Rs.1,40,00,000/- as his share of income from Mairushish Co-operative Housing Society, but the same was not offered for taxation which has escaped assessment within the meaning of Section 147 of the Act. Therefore the assessment was reopened by issuing notice u/s. 148 of the Act dated 31-03-2021. In response, the assessee filed his Return of Income as declared in the original return but also claimed deduction u/s. 54F on long term capital gain of Rs.1,40,00,000/-. AO held though the assessee received the amount of Rs.1,40,00,000/- in his bank account on 10-05-2016. On perusal original Return of Income, the assessee has neither declared the income under LTCG nor also claimed exemption u/s. 54F of the Act and no documentary proof filed and no details of depositing the sale consideration in Capital Gains Account Scheme. Thus computed the long term capital gain and demanded tax thereon.
