Case Law Details
Case Name : Commissioner of Income-tax Vs Udit Narain Agrawal (Allahabad High Court)
Appeal Number : IT Appeal No. 560 of 2009
Date of Judgement/Order : 12/12/2012
Related Assessment Year :
Courts :
All High Courts Allahabad High Court
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HIGH COURT OF ALLAHABAD
Commissioner of Income-tax
Versus
Udit Narain Agrawal
R.K. Agrawal AND Ram Surat Ram (Maurya), JJ.
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In the F.Y. 2013-14 an assessee earned capital gain amounting Rs.7.5 crores by transferring of shares but he did not offer the amount to tax in the return for A.Y. 2014-15. Later in 2016 he disclosed 2.00 crores in IDS. The case is reopened on this information. Being asked the submitted that he has invested the balance Rs.5.5 crores to purchase a new residential flat and claimed exemption u/s 54F. Whether he is liable to get exemption? In the return filed u/s 148 the assessee had shown nothing.