Zankhanaben Kishorbhai Patel Vs ITO

Parties Involved

Facts Summary

The assessee, Zankhanaben Kishorbhai Patel, along with other co-owners, sold ancestral property/land in Surat. The assessee has a 2.5% share in the land, which was acquired prior to 01/04/1984. The sale deed was executed on 9th December 2012, but part of the possession was handed over to the purchaser on 15th February 2012. The assessee declared part of the capital gain in the Assessment Year (AY) 2012-13 and claimed a deduction under Section 54B for part of the capital gain in AY 2013-14. The Assessing Officer recomputed the capital gain based on the Departmental Valuation Officer's (DVO) report and added the remaining amount to the assessee's income. The assessee appealed against the order of the Commissioner of Income Tax (Appeals), contending that the capital gain should be taxed in both AY 2012-13 and AY 2013-14.…

Legal Issues

• 1. Whether the capital gain should be taxed in both AY 2012-13 and AY 2013-14 or only in AY 2013-14?

Judgment Outcome

Decided in favour of Assessee.

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