Krishan Kumar Vs Income Tax Officer

Parties Involved

Facts Summary

The assessee, Krishan Kumar, sold a residential property located at Plot No.540, Pocket-A, Sector-22, Gurgaon, for Rs.1.30 crores during the Financial Year 2016-17. He purchased another residential plot and incurred construction costs. The Assessing Officer treated the entire sale consideration as Long Term Capital Gain due to lack of supporting documents. The ld. CIT(A) confirmed this addition, disallowing the deduction under section 54 of the Act. The assessee appealed to the Tribunal, providing evidence to support his claims.…

Legal Issues

• 1. Addition of Rs.1.30 crores by treating the entire sales consideration as income of the assessee.
• 2. Treating the interest on savings bank account as undisclosed income.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

Similar Judgements

• Dipa Prakashkumar Velani vs. Assessment Unit through Jurisdictional Assessing Officer, Income Tax Officer, Ward-1(2), Bhavnagar

  Ahmedabad bench

• Income Tax Officer, Ward-30(5), Delhi vs. Sanjeev Aggarwal

  Delhi Bench benchAY 2015-16Dismissed

• Murtuza Kothari vs. ITO, Ward-19(2)(2)

  Mumbai benchAY 2015-16Partly Allowed