Sudhanshu Bhushan Sinha vs. AO, ITO, Ward-6(1), Patna

Parties Involved

Facts Summary

The assessee, Sudhanshu Bhushan Sinha, filed an income return for the Assessment Year 2017-18 on 29.03.2018, declaring a total income of ₹2,83,780/-. The case was selected for limited scrutiny to examine the deduction/exemption from capital gains. The Assessing Officer computed the long-term capital gain on the sale of land at ₹1,23,68,667/- and allowed a claim under section 54B of the Act to the extent of ₹54,61,463/-, assessing the chargeable long-term capital gain at ₹69,07,204/-. The total income was determined at ₹71,90,980/- and an assessment was made under section 143(3) of the Act. The assessee filed an appeal against the assessment order before the Additional Commissioner of Income Tax (Appeals), who dismissed the appeal and confirmed the assessment order. The assessee then filed an appeal before the Tribunal.…

Legal Issues

• 1. Whether the learned CIT(A) erred in dismissing the appeal and confirming the assessment order.
• 2. Whether the learned CIT(A) erred in failing to adjudicate the principal issue relating to deduction/exemption claimed under section 54B of the Act.
• 3. Whether the learned CIT(A) erred in confirming the assessment without appreciating that the agricultural lands sold by the appellant were used for agricultural purposes and the sale consideration was reinvested in purchase of agricultural lands within the prescribed period, thereby entitling the appellant to exemption under section 54B.

Judgment Outcome

Decided in favour of Assessee.

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