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Sale consideration of Property seized by IT Department can’t be treated as Amount Invested

In the case of Jitender Singh Marvaha vs. D.DI.T, the Kolkata bench of the Income Tax Appellate Tribunal (ITAT) has held that the number of sale proceeds of the property seized by Income Tax Department cannot be constructed as the amount invested as per section 54EC bond of the Income Tax Act 1961. 

The assessee, in the present case, is an individual and a citizen of United Kingdom. During the financial year, the assessee sold his ancestral land and received consideration. He declared his total income as Rs.500 only. Thereafter, a search was conducted and seized cash of Rs. 51.50 lakhs roughly and 20,000 Pounds Sterling from the assessee. The said cash amount found in the search & seizure operation was relating to sale proceeds of the ancestral land.

Article referred: http://www.taxscan.in/sale-consideration-property-seized-department-cant-treated-amount-invested-per-s-54ec-bond-itat/18053/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+Taxscan+%28Top+Stories+%E2%80%93+Taxscan+%7C+Simplifying+Tax+Laws%29

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