Mrs. Lata Goel Vs. ACIT, Circle-06, New Delhi

Parties Involved

Facts Summary

The case involves an appeal by Mrs. Lata Goel against the reassessment order passed by the Assessing Officer (AO) under section 147 of the Income-tax Act, 1961, for the assessment year 2011-12. The reassessment was initiated based on the claim of deduction under section 54F of the Act, which was disallowed by the AO. The assessee had claimed a deduction of Rs. 90 crores on the reinvestment made in another residential house property. The AO issued a notice under section 148 of the Act on 30.03.2017 for reopening the assessment, which was challenged by the assessee. The Commissioner of Income Tax (Appeals) upheld the reassessment order. The assessee appealed to the Income Tax Appellate Tribunal (ITAT), which dismissed the appeal of the revenue and allowed the appeal of the assessee.…

Legal Issues

• 1. Whether the reassessment order passed by the AO is valid under section 147 of the Act?
• 2. Whether the assessee is entitled to claim deduction under section 54F of the Act?

Judgment Outcome

Decided in favour of Partly Assessee / Partly Revenue.

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