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2018 (12) TMI 397 - AT - Income TaxDisallowance u/s 54F - assessee not offered any capital gain for taxation - assessee has not indicated the provision under which the assessee was claiming deduction - assessee claimed deduction under Section 54B/54D/54EC/54F/54G/54GA - as per assessee before due date for filing of the return of income, according to the assessee the Department seized the amount by withdrawing the same from bank account, therefore, the money was with the Department thus was physically prevented from depositing the same in the Capital Gains Account - Held that:- Admittedly, the property was sold for ₹ 9 Crores. The sale consideration disclosed in the sale deed was only ₹ 6 Crores. The assessee apparently received sale consideration to the extent of ₹ 3 Crores in cash. However, he deposited the same in S.B. Account in the names of self, his wife and children. ₹ 1.40 Crores was used for repayment of loan and ₹ 4.60 Crores was deposited in Capital Gains Account. The balance amount to the extent of ₹ 2,99,50,000/- was deposited in State Bank of India in the name of assessee, his wife and children and the same was taken over by the Department before the due date for filing of return of income - rightly the assessee was prevented from depositing the money in the Capital Gains Account. The total capital gain is ₹ 6,71,08,935/-. Hence, considering the deposit of ₹ 4.60 Crores in Capital Gains Account and the money taken by the Department to the extent of ₹ 2,99,50,000/-, this Tribunal is of the considered opinion that the CIT(Appeals) has rightly allowed the claim of the assessee under Section 54F . Failure of the assessee to make a specific claim under specific provision - Held that:- No doubt, the assessee has not made any specific claim - return of income clearly shows that the assessee claimed deduction under Section 54B/54D/54EC/ 54F/54G/54GA - provisions of Section 54 and 54F are beneficial provisions. Merely because the assessee has not made any specific reference, that cannot be a reason to disallow the claim of the assessee. It is not a case of the Revenue that the assessee is not eligible for deduction under Section 54F. Therefore, mere non-reference about specific section under which the assessee is making claim cannot be a reason to disallow the claim of the assessee.- decided in favour of assessee
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