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2013 (8) TMI 737 - AT - Income TaxDisallowance of exemption u/s 54F - investment in residential house - The dispute is with regard to the area of the land which is required for convenient enjoyment of 254.94 sq.mts of residential house. - Deposit in capital gain deposit scheme - date of completion of the building.- Held that:- the land appurtenant to the residential house has to be determined with regard to the locality where the residential house is situated, the social status of the individual assessee, profession of the individual and other factors for proper and convenient enjoyment of the residential house. - 5 cents of land determined by the CIT(A) is very less in the State of Kerala. - matter remitted back to AO for reconsideration. Computation of Capital Gains - Expenditure incurred towards development of the land which was sold and brokerage paid to the extent of Rs.11 lakhs - Held that:- when the assessee withdrew the claim before the assessing officer by a letter dated 16-12- 2010, the same cannot be reagitated either before the CIT(A) or before this Tribunal. Deduction u/s 54B - No capital asset was subjected to agricultural operation - Held that:- Merely because the assessee's brother has not made any claim u/s 54B that cannot be a reason for disallowing the claim of the assessee. When the assesee has produced certain material before this Tribunal and claimed that the land was subjected to cultivation, this Tribunal is of the considered opinion that the assessing officer has to examine the documents independently and record finding whether the land in question is subjected to cultivation or not? Therefore, the omission of the assessee's brother to claim deduction u/s 54B cannot be a reason to disallow the claim of the assessee. Accordingly, the order of the lower authorities are set aide and the issue is remitted back to the file of the assessing officer. The assessing officer shall reconsider the issue in the light of additional evidence filed by the assessee before this Tribunal and thereafter decide the same in accordance with law after giving reasonable opportunity to the assessee - Decided in favour of assessee.
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