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2022 (1) TMI 1190 - ITAT NAGPURRevision u/s 263 - not allowing deduction claimed by the assessee u/s. 54F - Whether Principal Commissioner of Income Tax-2, Nagpur erred in not allowing relief u/s. 54 as well as index cost of acquisition, improvement and also purchase cost, which was allowed by the assessing officer and considered in the original assessment passed u/s. 143(3) of the Income Tax Act, therefore ex-party order passed is unjustified, unwarranted and excessive? - HELD THAT:- The sale consideration got by the assessee is only by way of book adjustment towards the cost of apartment No. 102 in the proposed scheme on the above said plot to be constructed by the vendee i.e. M/s Green City Builders (purchaser) and in this way, the assessee had sold the plot in question vide sale deed dated 06/06/2014 to M/s Green City Builders for ₹ 61.00 lacs. However, instead of getting the said amount in cash, the assessee had agreed to get one flat No. 102 in the proposed scheme on the above said plot to be constructed by the said M/s Green City Builders i.e. the purchaser. The said recitals in the sale deed proposed that the assessee had got the sale consideration only by way of book adjustment towards cost of apartment No. 102 and the entire amount of the sale consideration was invested by the assessee in purchase of apartment No. 102 in lieu of sale of the property in question and in this way, the entire amount was invested and no amount was received by the assessee. All those facts were placed on record by the assessee before the A.O. and thus in this way, the A.O. had passed the order of assessment after considering the facts placed on record by the assessee. In view of the above all the details were duly furnished by the assessee during the course of assessment proceedings alongwith the supporting documents and same aspect were also examined by the A.O. in the assessment order and the A.O. has also calculated computation of capital gain in the assessment order itself and the entire consideration were directly invested for purchase of residential apartment, which is evident from the sale deed, therefore there is no question of any irregularity in order passed U/s. 143(3) As assessee has fully explained his entire case and we agree with the ld. AR’s submission and entire details were duly examined by the A.O. which were evident from the assessment order U/s. 143(3) of the Act and no ambiguity has been found by us. Therefore, the order passed by the ld. Pr. CIT u/s. 263(1) of the Act is hereby quashed and the assessment framed by the A.O. U/s. 143(3) of the Act is upheld. - Decided in favour of assessee.
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