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2013 (6) TMI 399 - AT - Income TaxCapital gain computation - whether assessee has invested sale consideration in NHAI Bonds as required u/s 54E - whether property owned jointly by the assessee and his partner - Held that:- CIT(A) has given a categorical finding on this issue stating that the initial investment in the property was made by both the partners equally. The sale proceeded received in the name of the appellant were divided equally by the both partners. Since, it was known that firm was to be dissolved by 31-3-08 hence, they have invested sale consideration in NHAI Bonds as required u/s 54E. Thus the sale proceeds belonged to appellant and other partners, hence, the appellant is entitled to exemption u/s 54E. The sac consideration of the appellant is to be considered at 50% out of total i.e. 55 lakhs. The capital gains before exemption come to Rs.33,34,060/- of which 50% would be at Rs. 17,10,939. Accordingly, the capital gains in the case of the appellant is to be considered at Rs.17,10,939 against which the appellant has invested Rs.16 lakhs in NHAI Bonds. Hence, the chargeable long term capital gains in the case of the appellant would be at Rs.1,10,939 [17,10,939- 16,00,000]. AO is directed to consider long term capital gains at Rs.1,10,939 in the case of the appellant as against Rs.17, 43,060 assessed by him. Against revenue. Deduction u/s. 54F in respect of deposits under Capital Gains Accounts Scheme - Held that:- AO has allowed part of the claim of deduction u/s. 54F in respect of the purchase of land and part of the cost of construction. Therefore, the AO cannot say that the assessee has not claimed any deduction in the return of income. It is an undisputed fact that the return of income was filed electronically and as per the new provision relating to the filing of return, the assessee is not required to file any document alongwith return of income. Also as all the necessary details were filed during the course of the scrutiny assessment proceedings andCIT(A) has categorically held that the deposit in capital gains account scheme was well within the period of limitation provided u/s. 54F(4) no reason to tamper with the findings of CIT(A). Against revenue.
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