Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2021 (10) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (10) TMI 914 - ITAT DELHIReopening of assessment u/s 147 - deduction u/s. 54F on account of purchase of residential house - HELD THAT:- Assessee has claimed deduction u/s. 54F of the Act on account of purchase of residential house for an amount of ₹ 18,00,000/-. There was a cash deposit in the bank account. It was only while examining the bank account that the issue of credit entry amounting to more than ₹ 98,00,000/- was notice by the AO - addition under the head long term capital gain was based on the information obtained from the bank account of the assessee. But after going through the assessment order and the reasons, it is found that it is not reopened on this issue only and the cash deposits in the bank account are related to this long term capital gain which was for purchase of residential house. Assessing Officer has rightly made addition and the CIT(A) has rightly confirmed the addition. Hence, Ground No. 1 to 3 are dismissed. Interest u/s. 234A - HELD THAT:- CIT(A) should have considered that the interest can be charged up to the due date prescribed u/s. 139(4) of the Act and not the date of the assessment order. Therefore, we direct the AO to charge the interest as per Section 234A read with Section 139(4). Action of the Ld. A.O. to adopt the circle rate of land @ ₹ 27,000/- per acre as on 01-04-1981 - HELD THAT:- CIT(A) has rightly adopted the circle rate of land at ₹ 27,000/- per acre as the property is situated approximately two kilo meters away from the Municipal Limits of Gurgaon and not as contended by the assessee that it is at a distance of 15 kilo meter from the Tehsil Sohna. Hence, Ground No. 5 is dismissed.
|