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2012 (6) TMI 408 - ITAT CHENNAIDeduction u/s 54f – AO contested to withdrawn LTCG claim allowed as exemption in the A/Y 2006 and to reduce the amount of Rs 25 Lakhs being a capital loss on the sale of house property from the exemption claimed on LTCG u/s 54F - Held that:- As the AO was justified in treating Rs. 73,94,157/- as long term capital gains of the year under consideration the assessee has invested in purchase of new residential house at Rs. 70,80,620/- within the period of two years in which the transfer took place, thus the assessee was eligible for deduction u/s 54F(1) in respect of the said investment - as the capital gains of the assessee was Rs. 48,94,157/- only whereas the assessee was eligible for exemption of more than that amount u/s 54F for investment of Rs. 70,80,620/- in purchase of residential house, CIT(A) was justified in deleting the addition of Rs. 48,94,157 – against revenue. Unexplained investment - appeal by revenue that CIT(A) deleted the addition of Rs. 25 lakhs - AO’s treated the source of investment in property at Chetpet to the tune of Rs. 50 lakhs only as per the sale proceeds of Alwarpet property as shown in registered sale deed, treating Rs. 25 lakhs as unexplained investment - Held that:- The assessee has brought no material on record to show that it actually received any amount more than the amounts shown in the registered deed of sale - the assessee has invested Rs. 70,80,620 in the house property at Chennai and out of which source to the extent of Rs. 50 lakhs stands explained from the sale of property at Alwarpet and Rs. 6 lakhs stands explained from the sale of Velacherry land, thus the assessee was not able to explain the source of investment of balance amount of Rs. 14,80,620 only need to be added to the income of the assessee as un explained income – modify the order of the CIT(A) and restore back the addition to the extent of Rs. 14,80,620 - in favour of revenue.
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