Nandkumar Shelar vs. Income Tax Officer, Pune

Parties Involved

Facts Summary

During the previous year relevant to Assessment Year 2015-16, the appellant sold agricultural land on 04.07.2014 for a registered sale consideration of Rs. 28,71,000/-. The appellant reinvested the capital gains by purchasing new agricultural land on 25.04.2016 for a consideration of Rs. 23,32,000/-. The Assessing Officer received information through the NMS module of the Insight Portal for Financial Year 2014-15 (Assessment Year 2015-16), classifying the appellant as a 'Non-filer with potential tax liabilities.' This information is captured in the Annexure to the notices under section 148A(b) and describes two transactions: (i) a time deposit of Rs. 4,00,000/- with Janata Sahakari Bank Ltd., Pune, and (ii) 'sale of immovable property registered with Sub-Registrar Haveli Indapur' with an amount of Rs. 57,42,000/-. The notice under section 148A(b) was issued on 24.03.2022, and a notice under section 148 was issued on 04.04.2022. The appellant filed an appeal against the order of the Learned Commissioner of Income Tax (Appeals), NFAC, Delhi, passed u/s 250 of the Income Tax Act, 1961, for AY 2015-16 on 08.04.2026. The appellant argued that the notice under section 148 was void ab initio as it was issued after the expiry of the six-year limitation period under the provisions of Section 149(1)(b) of the Act. The appellant also claimed a deduction under section 54B of the Act for the purchase of new agricultural land within two years of the sale of the old land.…

Legal Issues

• 1. Validity of Notice u/s 148
• 2. Deduction under section 54B of the Act

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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