I.T.A. No. 898/Hyd/2010 (Assessment Year 2006-07). Case: The Asst. Commissioner of Income-tax Vs Shri Rajiv Talwar. ITAT (Income Tax Appellate Tribunal)
Case Number | I.T.A. No. 898/Hyd/2010 (Assessment Year 2006-07) |
Judges | N.R.S. Ganesan, J.M. and Akber Basha, A.M. |
Issue | Income Tax Act |
Judgement Date | December 29, 2010 |
Court | ITAT (Income Tax Appellate Tribunal) |
Order:
N.R.S. Ganesan, J.M., (In the ITAT Hyderabad 'B' Bench)
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This appeal of the Revenue is directed against the order of the CIT(A)-V, Hyderabad dated 22.3.2010.
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The only issue arises for consideration is exemption Under Section 54 of the Income-tax Act, 1961. No one appeared for the Assessee in spite of receipt of notice by RPAD. The Registry has placed on record the postal acknowledgement as proof of service of notice. Therefore, we proceeded to hear the learned DR and dispose of the appeal on merit.
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Smt. Vasundhara Sinha, the learned DR, submitted that after sale of house property at Bangalore on 27.3.2006 the Assessee claimed exemption Under Section 54 of the Act on the ground that the sale proceeds were used for purchase of new flat in Mumbai. Referring to the CIT(A)'s order the learned DR pointed out that the Assessee has not used the same money i.e., the sale proceeds of the house property for purchase of the flat at Mumbai. In fact the sale consideration was invested in insurance policies and term deposit. Therefore, the Assessee is not entitled for any exemption Under Section 54 of the Act. The learned DR submitted that she places her reliance on the observations made by the Assessing Officer.
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We have considered the submissions of the learned DR and also perused the material available on record. The statutory requirement for claiming exemption Under...
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