COMMISSIONER OF INCOME TAX Vs. D HARINDRAN

JUDGEMENT

(1.) This appeal filed by the Revenue is against a judgment and order dated 23.9.2016 passed by the Income Tax Appellate Tribunal 'C' Bench, Chennai (hereinafter referred to as "the Appellate Tribunal"), allowing the appeal, being I.T.A.No.233/Mds/2016, filed by the respondent assessee in respect of the assessment year 2011-2012.

(2.) The facts giving rise to the instant appeal are enumerated very briefly hereinafter. The respondent assessee filed his return of income on 31.7.2011 for the assessment year 2011-2012 declaring total income of Rs. 7,745/-, and claiming exemption of Rs. 3,27,06,437/- under Section 54 of the Income Tax Act, 1961 (hereinafter referred to as "the 1961 Act").

(3.) The return filed by the respondent assessee was duly processed, but later selected for scrutiny and a notice was issued to the respondent assessee under Section 143(2) of the 1961 Act on 27.9.201 The notice was apparently served on the respondent assessee on 28.9.201