Hyper-technical view cannot be the basis to assume revisionary jurisdiction

Advertisement Sarita Gupta Vs PCIT (ITAT Delhi) Introduction: The Income Tax Appellate Tribunal (ITAT) Delhi recently addressed a crucial case, Sarita Gupta Vs PCIT, where the revisionary order by the Principal Commissioner of Income Tax (PCIT) was contested. The central issue revolved around the denial of deduction u/s 54/54F based on non-deposit in the capital gains scheme account. Detailed Analysis: The appellant, a resident individual, had sold an immovable property, prompting the Assessing Officer to reopen the assessment. The ITAT Delhi observed that the capital gain amount had been d...