Section 54 Capital gain exemption cannot be denied for claim under section 54F & non-filing of revised return

ITO Vs Armine Hamied Khan (ITAT Mumbai)

Assessing Officer rejected the claim made by the assessee under section 54F on the ground that it amounts to a fresh claim made in the course of scrutiny assessment proceedings, and, as the claim is not made by way of revising the income tax return and in the light of Hon’ble Supreme Court’s judgment in the case of Goetz India Limited Vs CIT [(2006) 204 CTR 182 (SC)], the claim so made is inadmissible in law. The claim for exemption under section 54F was held to be vitiated in law.

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