Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2024 (5) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2024 (5) TMI 906 - ITAT HYDERABADLTCG - Deduction u/s 54F - Assessment of cost of construction for computing capital gain - valuation mentioned in the registered JDA adopted - AO had calculated the share of the assessee based on the receivable share of the assessee in the built-up area for an amount after reducing the prorate land value - HELD THAT:- AO was required to compute the capital gains on the date of transfer based on the registered JDA, which is in accordance with the decision in the case of Potla Nageswara Rao [2014 (8) TMI 636 - ANDHRA PRADESH HIGH COURT] - The Hon’ble Supreme Court in the case of CIT Vs. Balbir Singh Maini [2017 (10) TMI 323 - SUPREME COURT] had also mentioned that in case the JDA is registered, the date of transfer would be the date of registration of the JDA and the capital gain would arise on the said date of registration. In the present case, the registered JDA had not only provided the share of the assessee in the built-up area but also provided the estimate value of the property for Rs. 1,80,99,000/-. Therefore, the order passed by the Assessing Officer taking the value mentioned in the registered JDA is in accordance with law. The law is fairly settled that the contents of registered documents are required to be given precedence over the oral evidence unless the contents of the registered documents are rebutted by other contemporaneous evidence. In the present case, no evidence has been brought to my notice showing that the value mentioned in the registered JDA was incorrect. Decided against assessee. Power of the Tribunal u/s 254 to entertain for the first time a point of law - Assessee not claimed deduction u/s 54F at the time of filing return of income - assessee has raised the claim before the CIT(A) and mentioned that he was entitled to claim deduction u/s 54F - CIT(A) had rejected the claim of the assessee as relying on GOETZE (INDIA) LIMITED [2006 (3) TMI 75 - SUPREME COURT] - HELD THAT:- The impediment to entertain the claim of the assessee is on the power of the Assessing Officer and there is no such impediment on the power of the Tribunal u/s 254 - We deem it appropriate to remand back the issue of entitlement of the claim u/s 54F to the file of AO with a direction to examine the claim of the assessee within the four corners of section 54F and if the Assessing Officer found that the assessee has fulfilled all the conditions, then grant the claim of deduction u/s 54F of the Act to the assessee. Appeal of the assessee is allowed for statistical purposes.
|