1. This appeal under Section 260 A (1) of the Income Tax Act, 1961
(„Act‟) by the Revenue is directed against the impugned order dated 29 th
January 2014 passed by the Income Tax Appellate Tribunal („ITAT‟) in
ITA No. 5077/Del/2011 for the Assessment Year („AY‟) 2007-08.
2. The background facts are that the Respondent-Assessee filed his return
of income for the AY 2007-08 declaring his income of Rs. 2,78,53,090.
The case of the Assessee was selected for scrutiny and notice under
Section 143 (2) of the Act was issued. In the assessment order passed
under Section 143 (3) of the Act on 30th December 2009 the Assessing
Officer („AO‟) noted that in the computation of income for the AY 2006-
07 the Assessee claimed deduction under Section 54 F amounting to Rs.
62,47,576 against the long term capital gains of Rs. 63,96,328 arising from
the sale of share of M/s. Perfect Buildwell Pvt. Ltd., by investing an
amount of Rs. 63 lakhs in the purchase of residential building at Village
Fatehpur Beri, Tehsil Hauz Khas, New Delhi by an agreement to sell dated
22nd July 2006. The Assessee was also having a residential house property
at Gadaipur, Mehrauli, value of which was shown as Rs. 60,000. The
Assessee showed that he was earning less income from the said property.
Source: Indian Kanoon