Rajani Shivaji Ghadge vs. Income Tax Officer

Parties Involved

Facts Summary

The assessment in this case was completed under sections 147, 144, and 144B of the Income Tax Act, 1961. The Assessing Officer (AO) brought to tax an amount of Rs. 51,48,592/- on account of the sale of immovable property as Short Term Capital Gain and an amount of Rs. 1,762/- on account of interest received from Union Bank of India. The total assessed income was determined at Rs. 51,50,354/-. The assessee appealed to the Learned Commissioner of Income Tax (Appeals)-National Faceless Appeal Centre (NFAC), Delhi, who restricted the addition from Rs. 51,48,592/- to Rs. 10 lakhs. The assessee further appealed to the Income Tax Appellate Tribunal against the order of the Ld.CIT(A).…

Legal Issues

• 1. Whether the house property sold was a Short Term Capital Asset or a Long Term Capital Asset.
• 2. Whether the claim of exemption under section 54 of the Act should be allowed.

Judgment Outcome

Decided in favour of Assessee.

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