Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (6) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (6) TMI 1033 - AT - Income TaxCapital gain on transfer of tenancy rights - Applicability of provisions of section 55(2)(b) - cost of acquisition - entitled for exemption u/s. 54F - investment made u/s. 54EC - Held that:- As find that this aspect of the matter has been considered by the Ld.CIT(A) with reference to the submissions and the facts of the assessee’s case and relevant case laws and held that the case of the assessee is falling under section 52(2)(b) of the Act. The Ld.CIT(A) following the decision of the Coordinate Bench of the Mumbai Tribunal in the case of Meher R. Surti v. ITO [2015 (4) TMI 52 - ITAT MUMBAI] held that assessee’s claim for adopting fair market value as on 01.04.1981 to compute the cost of acquisition is proper - no infirmity in the order of the Ld.CIT(A) in holding that the assessee is entitled for exemption u/s. 54F We find from Assessment Order that the assessee made submissions before the Assessing Officer that they have invested ₹.40,00,000/- for acquiring tenancy rights in the property by agreement dated 18.01.2012 and therefore entitled for exemption u/s. 54F of the Act. This agreement was neither produced before us nor any proof of investment was furnished either before the Ld.CIT(A) or before us. Therefore, though in principle we agree with the view taken by the Ld.CIT(A) that the assessee is entitled for exemption u/s. 54F for the limited purpose of verification of the fact that the assessee acquired tenancy rights in the above referred property has to be examined with reference to the agreement and proper proof.
|