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2012 (5) TMI 416 - AT - Income TaxExemption / deduction u/d 54F - assessee has purchased two separate flats under two separate agreements - single unit or not - flats not adjacent to each other but are opposite to each other and are separated from each other by common passage, lobby staircase etc. - held that:- Merely because the assessee has let out the two flats to one person for use as a single unit, the same, in our opinion, cannot entitle the assessee to claim benefit of deduction u/s 54F of the Act. - exemption u/s 54F granted in respect of one flat only. Lost of sale of flat (capital loss) - allegation of sale of flat to his wife on loss deliberately to set off the long term capital gain on sale of shares and other assets. - held that:- not a single instance of sale of such property in the vicinity has been given by verifying the records of the District Sub. Registrar. - When the agreement for sale is made and the stamp duty has been paid and the loss has been claimed which has been set off against the long term capital gain, the A.O. has got every right to find out the genuineness of such sale price. - matter remanded back to the file of the A.O. with a direction to give one more opportunity to the assessee to substantiate with evidence to the satisfaction of the A.O. Set off long term loss on sale of unlisted shares against long term capital gain on sale of shares - allegation that assessee had sold the shares to his wife at a sole purpose of generating loss. - Held that: the assessee had not furnished the valuation report before the A.O. during the course of assessment proceedings, we deem it proper to restore the issue to the file of the A.O. for fresh adjudication of the issue. - when the shares are sold to his wife at a lower price and the A.O. has given an observation that the same is just to offset the gain arising to the assessee, the same in our opinion, requires thorough scrutiny at the level of the A.O. This ground by the Revenue is accordingly allowed for statistical purposes.
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