JYOTINDRA H. SHODHAN Vs. INCOME TAX OFFICER

JUDGEMENT

(1.) By way of this appeal, the appellant-assessee has challenged the order dated 03.07.2003 passed by the Income Tax Appellate Tribunal [for short "the Tribunal"] in ITA No. 1116/Ahd/1994, whereby the appeal filed by the assessee was dismissed by the Tribunal. The facts of this case are that on 07.08.1982 the assessee had sold two plots of land for Rs. 8,98,775/-. The original assessment made under Section 143(3) was set aside by the CIT(A) vide order dated 28.08.1989 and the Assessing Officer was directed to make fresh assessment. Thereafter, the Assessing Officer completed the fresh assessment and passed his order on 31.03.1992. In the fresh assessment, the assessee claimed deduction under 54E of the Act on the basis of investment of Rs. 1,89,400/- made in NRDB on 20th February, 1987, within six months of the receipt of final installment. However, the Assessing Officer, rejected the claim of the assessee.

(2.) While admitting this appeal on 20.09.2004, the Court had formulated the following substantial questions of law:--

(3.) Mr. Soparkar, learned advocate for the appellant-assessee has contended that all the authorities have committed error in passing the orders. He submitted that the assessee had received Rs. 5,08,805/- by way of cash as under:--