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Section 263 cannot be invoked for non-verification in year of transfer of utilization of amount deposited in Capital Gain Account
Case Law Details
- Case Name
- Surjit Singh S/o Mehtab Singh Proprietor M/s Beli Ram Surjit Singh Vs PCIT (ITAT Chandigarh)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2012-13
- Courts
- All ITAT, ITAT Chandigarh
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Surjit Singh S/o Mehtab Singh Proprietor M/s Beli Ram Surjit Singh Vs PCIT (ITAT Chandigarh)
On perusal of the show-cause notice, it is noted that the ld PCIT has stated that the assessee has sold the house property on 29/02/2011 and has claimed entire capital gains as exempt u/s 54 being money deposited in capital gain account scheme on 12/09/2012. Therefore, it is an undisputed fact that before filing of the return of income on 30/09/2012, the assessee has invested the entire capital gain amounting to Rs. 26,00,000/- in the Capital Gain Account Scheme maintained with SBI on 12/09/2012 and ha...
