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2015 (6) TMI 523 - AT - Income TaxDisallowance of deduction claimed u/s 54F - Held that:- Assessee has not submitted any documentary evidence to establish his claim that the amount withdrawn from the bank account out of the sale proceeds of immovable property were actually utilized for construction of new house. Therefore, in absence of even a single piece of evidence to indicate that assessee has utilized sale proceeds/capital gain in construction of new residential house, the claim of deduction u/s 54 cannot be accepted. No documentary evidence has been brought on record to establish the fact that assessee’s father has given up his right over the property or assessee has actually made investment towards construction of house property. - Decided against assessee. Non-consideration of part of cost of acquisition of immovable property for computing capital gain - Held that:- That assessee’s claim of incurring an amount of ₹ 4,32,720 as cost of construction, requires to be considered afresh in view of additional evidence submitted by assessee by way of confirmation letter dated 28/01/12 from Parsn Foundation Pvt. Ltd. Accordingly, we set aside the order of ld. CIT(A) on this issue and remit the matter back to the file of AO for deciding the same afresh after due opportunity of hearing to assessee. - DEcided in favour of assessee for statistical purposes.
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