ITA No 1068 of 2026 Kiran Kumar Grandhe

Parties Involved

Facts Summary

The assessee, Shri Kiran Kumar Grandhe, is a non-resident individual who had not filed his return of income for the assessment year 2020-21. The Assessing Officer observed that the assessee had transferred immovable property during the year under consideration. The case was reopened under section 147 of the Income Tax Act, 1961, and a notice under section 148 was issued. The assessee filed his return of income on 28.06.2024, declaring a total income of Rs. 3,130/-. The Assessing Officer issued a notice under section 143(2) and passed a draft assessment order under section 144C(1), proposing an addition of Rs. 1,00,00,000/- towards short-term capital gain. The assessee filed objections before the Ld. DRP, who issued directions under section 144C(5), determining the capital gain as long-term capital gain of Rs. 49,25,389/-. The final assessment order was passed under section 147 read with section 144C(13), making an addition of Rs. 49,25,389/- towards long-term capital gain. The assessee filed an appeal before the Tribunal, raising the issue of the claim for deduction under section 54F of the Act.…

Legal Issues

• 1. Whether the assessee can raise a claim for deduction under section 54F of the Act when such claim was not made in the return of income or before the Assessing Officer but was raised for the first time before the Ld. DRP.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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