AO bound to deliberate on claim of sec. 54F exemption raised by assessee in reassessment proceedings: ITAT INCOME TAX : When assessee received sale consideration as his share of income from a housing society and entire sale consideration was reinvested in a residential flat by transferring it to builder, however, assessee had not declared sale transaction in original return of income and raised claim for exemption under section 54F for first time in compliance to notice under section 148, it was obligatory on part of Assessing Officer to have deliberated on entitlement of assessee towards claim of exemption under section 54F on merits, thus, matter was to be remanded to Assessing Officer for doing same Section 54F, read with section 148, of the Income-tax Act, 1961 - Capital gains - Exemption of, in case of investment in residential house (Return of income) - Assessment year 2016-17 - Assessee received sale consideration of certain amount as his share of income from a housing society - Entire sale consideration was reinvested in a residential flat by transferring it to builder - However, assessee had not declared sale transaction in original return of Income - Assessing Officer issued reopening notice on ground that said amount of long-term capital gain (LTCG) was not offered for taxation in original return of income - In response, assessee filed his return declaring said amount of LTCG and claimed exemption under section 54F for first time in reassessment proceedings - Assessing Officer disallowed same and computed LTCG and demanded tax thereon - Whether when assessee had raised claim under section 54F in return of income filed by him in compliance to notice under section 148, it was obligatory on part of Assessing Officer to have deliberated on entitlement of assessee towards claim of exemption under section 54F on merits - Held, yes - Whether since Assessing Officer had no occasion to have deliberated upon satisfaction of requisite conditions as contemplated under section 54F as claimed by assessee, matter was to be remanded back to Assessing Officer for making necessary verifications and allow claim in accordance with law - Held, yes Rahul Monal Chokshi vs. National Faceless Assessment Centre [2025] 174 taxmann.com 386 (Ahmedabad - Trib.)[31-12-2024]