Pravin Gambhirchand Shah (HUF) Vs. Asst Commissioner of Income Tax-26(2)

Parties Involved

Facts Summary

The assessee, Pravin Gambhirchand Shah (HUF), filed a return of income for the Assessment Year 2014-15, declaring a total income of Rs. 1,17,68,280/-. The case was selected for scrutiny under CASS, and statutory notices were issued. The assessee had sold shares of M/s. Neutral Glass and allied industries private Ltd. for Rs. 3,27,60,000/- on 18.04.2012 and claimed exemption under section 54F of the Income-tax Act, 1961. The assessing officer added Rs. 2,32,96,400/- to the assessee's income under section 54F(2) of the Act, which the assessee appealed against. The Commissioner of Income Tax (Appeals) dismissed the appeal, leading to this second appeal by the assessee.…

Legal Issues

• 1. Whether the assessee purchased a second residential house within two years after the date of transfer of the original asset within the meaning of section 54F(2) of the Act?

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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