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2013 (4) TMI 293 - AT - Income TaxBenefit of deduction u/s 54F denied - disallowance of benefit of indexation cost of value as on 1.4.1981 and repairs carried out in the premises and investment in capital gain account for purchase of another flat - Stay seeked against demand of principle amount and interest - the assessee/petitioner inherited the premises along with her aunt (grandmother's second daughter) as per the grandmother's will - Held that:- AO has allowed the exemption u/s 54F only with respect to the flat at Sunshine but denied the benefit of indexation cost and exemption with respect to the deposits in capital gain account scheme. CIT(A) confirmed the action of the AO in denying the deduction u/s 54 and granting the deduction u/s 54F & has also confirmed the denial of the benefit of indexation cost of value as on 1.4.1981 as well as the claim with respect to the expenses for improvement/repairs. As regards the Fixed Deposits of Rs. 1.25 crores in the capital gain account, CIT(A) has allowed the claim of deduction u/s 54F in this respect. Thus,allowing part claim of the assessee and the demand is arising in respect of denial of the benefit of indexation cost valued as on 1.4.1981 and the expenses incurred for repairs and improvement of the property. Since these issues require an elaborate discussion and consideration at the time of hearing of the appeal of the assessee and therefore these are debatable issues, which has to be decided after the proper and detail hearing on merit. AO has attached the bank accounts and FD of the assessee, her aunty and the saving bank account of Matheran Sanatorium Trust is not understandable as to how the AO has attached the account of the other persons when the demand in question can be satisfied by the attachment of the bank account of the assessee alone. Thus the assessee has made out a prima-facie case wherein the stay may be granted subject to part payment of the outstanding demand. Accordingly the recovery of balance demand is stayed subject to payment of Rs. 15 lacs by the assessee which is to be paid on or before 28th Feb 2013.
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