Raj Kumar Aasudhia vs. ITO

Parties Involved

Facts Summary

The appeal in ITA No. 7443/Del/2019 for the Assessment Year 2013-14 arises from the order of the Commissioner of Income Tax (Appeals)-15, New Delhi against the order of assessment passed by the Assessing Officer, ITO, Ward-44(1), New Delhi. The assessee sold two properties and earned Long Term Capital Gains (LTCG) on the sale. The assessee claimed exemption under section 54 of the Income-tax Act, 1961 for reinvestment in two separate house properties. The Assessing Officer initially accepted the claim but later issued a rectification order stating that the exemption was wrongly granted for the second property. The assessee appealed to the Commissioner of Income Tax (Appeals) who dismissed the appeal for delay. The assessee then appealed to the Income Tax Appellate Tribunal.…

Legal Issues

• 1. Whether the assessee is eligible for claiming exemption under section 54 of the Act for reinvestment made in two separate house properties in respect of long term capital gain arising on sale of two separate properties.

Judgment Outcome

Decided in favour of Assessee.

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