Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2016 (4) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (4) TMI 1088 - AT - Income TaxClaim of exemption u/s 54F - denial of claim as on the date of sale, the assessee owned more than one residential house and as per section 54F(1)(ii&iii) of the Act the assessee is not eligible for exemption - Held that:- On perusal of the confirmation letter issued by the builder, we find that the confirmation letter dated 20.2.2011 issued by the builder states that the assessee has paid advance towards purchase of two residential flats. The subsequent confirmation letter dated 11.11.2011 issued by the builder clearly states that he had carried out additional works of ₹ 12,66,515/- for two flat nos. 401 & 502 in Sri Rama Acropolis apartments, Bangalore. In the said confirmation letter, the builder stated that he has incurred an amount of ₹ 8,23,000/- for flat no.401 & ₹ 4,43,515/- for flat no.502 and the amount spent was appropriated out of the amount paid by the assessee on 20.7.2009 and 24.7.2009. On further verification of the ledger extract submitted by the builder, it was noticed that the assessee has paid an amount of ₹ 29 lakhs towards flat no.401 and ₹ 25 lakhs towards flat no.502. As per said ledger accounts, the total cost including registration and additional works incurred for the flat is ₹ 29 lakhs for flat no.401 & ₹ 25 lakhs for flat no.502. As against this, the assessee has claimed exemption of ₹ 35 lakhs for flat no.401 & ₹ 29 lakhs for flat no.502. The additional amount of ₹ 10 lakhs stated to be incurred towards additional work for flat no.401 & 502 was not supported by any evidence and also proof of payment. The assessee could not able to substantiate the claim with any documentary evidences. The confirmation letter issued by the builder dated 20.2.2011 only speaks about advances. The subsequent confirmation letter issued by the builder dated 11.11.2011 clearly stated the additional works carried out for the two flats and as per the confirmation letter a sum of ₹ 12,66,515/- only has been incurred and this additional amount of ₹ 10 lakhs claimed by the assessee is not mentioned. The CIT(A) considering the details furnished by the assessee, denied the benefit of exemption u/s 54F of the Act. We do not see any error or infirmity in the order passed by the CIT(A). - Decided against assessee
|