Assessee can claim Section 54F deduction during Section 147 Proceedings

Pyare Lal Saini Vs ITO (ITAT Jaipur)

The issue under consideration is whether AO is correct in rejecting the claim of assessee regarding the deduction u/s 54F, which was made first time during Reassessment Proceedings?

In the present case, the assessee is a farmer, he could not file his income tax returns. Upon receiving a notice u/s 148 from the income tax department, he filed the return and claimed deduction under 54F of the Act towards the sale of the capital asset sold by the assessee as a co-owne

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