Case Law Details
Thimme Gowda Shekar Vs ITO (ITAT Bangalore)
ITAT Bangalore held that prior to amendment in section 139(1) of the Income Tax Act effective from 01.04.2020, exemption under section 54, 54B, 54D, 54EC, 54F, 54G, 54GA or 54GB can be claimed even without filing income tax return.
Facts- As per the information available with the Department the assessee entered into Development Agreement with the Developer Shri R.Veeresh, residing in Mysore. As per the agreement, the assessee transferred five acres of land.
From the verification of records, it was observed that the assessee did not disclose this transaction nor any capital gains arising on the transfer of aforesaid agricultural land. The assessee did not file return of income u/s 139.
The case was reopened by issuing notice u/s. 148 on 28.03.2013 and an opportunity was granted to the assessee for filing return of income in spite of he did not file any return of income and several opportunities were also granted to the assessee for filing return of income and even did not appear for personal hearing on different dates, notice u/s. 142(1) was issued and last opportunity was also granted to the assessee in spite of he did not appear before the AO.
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