Hello All,
Need your guidance.
One of my client has sold his shop in 2010. He does an agreement for purchase of residential house in same year and gave advance equal to sale consideration. Hence assessee claimed exemption against capital gain and filed his return on time. After filing return in 2011 the seller cancelled the above agreement in august 2011. Assessee got partial amount as refund through cheque in august which he utilized in December 2011 for purchasing another new house. Balance amount was received through cash in jan-feb 2012, which was again invested for new house. And registry was done for new house in March 2012. But as assessee was unaware about the fact of exemption he purchased the new house in name of his wife.
Now in March 2015 department issued notice u/s 147 to the assessee. Reasons were – assessee has not disclosed capital gain in his return.
But in return capital gain was clearly mentioned. Hence i filed objection against 147. Now they are demanding evidences for Sec. 54F.
Please help me what to do now? If A.O. rejects my objection then what can I do? Whether I need to file Writ Petition in High Court? If Yes then What is the Procedure? Is my objection is correct?
If I go for appeal for 54F, is my case is strong? What is the best way – objecting 147 or go for appeal for 54F?
Please help. Reply urgent.
Thanks & Regards,
CAclubindia
