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2018 (11) TMI 198 - AT - Income TaxClaim of deduction u/s 54F - assets in question were commercial assets - assessee is a Doctor by profession and has earned income from Salaries, Profits and Gains of Business or Profession and Income from other Sources - Held that:- We are of the considered view that the assessee will be entitled for deduction u/s. 54F on the capital gains arising on the sale of depreciable assets being commercial flats situated at unit no. 24-26, Pearl Center, Dadar, Mumbai computed in the manner laid down in Section 50 of the 1961 Act r.w.s. 48, 49 and 45 of the 1961 Act as these assets which were sold by the assessee during the year under consideration were held for a period of more than thirty six months, on the reinvestment made by the assessee in new residential property being flat at Beau Monde. Appellant sold commercial property which is held for more than 3 years and from the consideration received from sale of the property he purchased new property. Hence appellant is eligible for exemption u/s 54F of the Act. AO's addition of Short Term Capital Gain for ₹ 6.50 Crs. is deleted. - Decided in favour of assessee. Difference in the capital account balance of the assessee who is partner in partnership firm in the books of accounts of the assessee vis-a-vis balance of capital account of the assessee in the Balance Sheet of the partnership firm - Held that:- The said partnership firm namely M/s. Pregnancy Advice & Services is also assessed to income-tax within Indian tax Jurisdiction and all the information/ data’s of the said firm was already on record with Revenue in its data base as it filed its return of income on 12-03-2013 while assessment is framed on 30-03-2015 and Revenue could have easily cross verified and reconciled the said differential from its own data base to verify the veracity and validity of the contentions of the assessee more so Revenue is now well equipped with advanced technological platforms available at its disposal. Coming back to issue in hand, CIT(A) has passed well reasoned order granting relief to the assessee with which we fully concur which is re-produced by us in preceding para’s of this order and the same is not reproduced again. We have carefully gone through the entire material on record as well appellate order passed by Ld. CIT(A) and we affirm/concur with the view of learned CIT(A) that differential in capital account balance of the assessee in its books of accounts vis-a-vis books of accounts of the partnership firm M/s. Pregnancy Advice & Services stood duly and fully explained and reconciled backed with bonafide reasons/evidences and we have no hesitation in confirming/affirming the well reasoned appellate order passed by learned CIT(A). The Revenue fails on this ground also.
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