Babu Lal vs Income Tax Officer, Ward 1(3), Gurgaon
Case No: ITA No. 2741/Del/2024
Court: Income Tax Appellate Tribunal, Delhi Bench ‘A’
Date: 1/8/2025
Parties Involved
appellantBabu Lal
respondentIncome Tax Officer, Ward 1(3), Gurgaon
Facts Summary
The case pertains to the assessment year 2017-18, where Babu Lal, the assessee, filed an appeal against the order of the National Faceless Appeal Centre (NFAC), Delhi, which upheld the action of the Assessing Officer under sections 147 and 144B of the Income Tax Act, 1961. The assessee raised several grounds challenging the validity of the reopening of assessment, the addition of interest received on compensation/enhanced compensation, and the addition of Long-Term Capital Gain (LTCG). The asses…
Decision in favour of
Assessee
Legal Issues
- 1. Correctness of treating the assessee’s interest received under section 28 of the Land Acquisition Act as liable to be assessed under section 57(iv) read with section 145A(b) of the Act.
- 2. Validity of the addition of Rs. 1,30,00,000 on account of Long-Term Capital Gain (LTCG) and the assessee’s claim for deduction under section 54F.
Precedents Relied Upon
6 precedents cited in this judgement.