आदेश / O R D E R PER MANU KUMAR GIRI, JM:

The present appeal has been preferred by the assessee against the order passed by the ld.CIT(A) on 03.12.2024, whereby the reassessment order dated 13.12.2019, passed u/s. 143(3) read with section 147 of the Income Tax Act, 1961 [‘ACT’ in short], for the Assessment Year 2014-15, was confirmed.

2. Briefly stated, the assessee is an individual who filed his Return of Income for the relevant assessment year on 19.02.2015. During the year under consideration, the assessee sold certain immovable properties and derived Long Term Capital Gains amounting to Rs.82,46,084/-. The assessee had earlier claimed exemption in respect of capital gains arising from the sale of vacant land on 14.09.2012 in his return for A.Y. 2013-14. As the newly acquired property was sold within a period of three years, the exemption earlier claimed amounting to Rs.20,08,500/- was offered to tax. Consequently, the total Long Term Capital Gains for the year aggregated to Rs.1,02,54,584/-. Against this, the assessee claimed exemption u/s. 54F of the Act in respect of the property proposed to be constructed. The computation of Long Term Capital Gains for AY

2014-15 has been plac