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| The Tax Publishers2020 TaxPub(DT) 4501 (Mad-HC) INCOME TAX ACT, 1961
Section 54
Where, while passing order on issue of allowability of deduction under section 54, Tribunal did not deal with same in a proper perspective, especially when CIT(A) gave elaborate reasons as to why assessee was entitled for deduction under section 54, matter was remanded back to AO for fresh consideration because other issues were also remanded to AO for re-adjudication.
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Capial gains - Deduction under section 54 - Issue of allowability of deduction under section 54 was not dealt with by Tribunal in proper manner - Remand of matter
Assessee challenged order of Tribunal holding that assessee was not entitled to claim deductions under section 54 on grounds that withdrawals made from capital gains accounts of the assessee was not used towards construction of a residential house. Case of assessee was that Tribunal did not appreciate issue in proper manner. Held: Tribunal remanded other issues to AO for re-adjudication. Order passed by Tribunal, on issue of allowability of deduction under section 54, was not dealt with in a proper perspective, especially when CIT(A) gave elaborate reasons as to why assessee was entitled for deduction under section 54. Therefore, matter was remanded back to AO for fresh consideration since other issues were also remanded to AO for re-adjudication.
Relied:CIT V. Sardarmal Kothari [(2008) 302 ITR 286 (Mad) : 2008 TaxPub(DT) 2081 (Mad-HC)].
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2012-2013
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