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2019 (9) TMI 601 - AT - Income TaxReopening of assessment u/s 147 - information received from the Investigation Wing of the Revenue is on the basis of material seized during search proceedings u/s. 132 - statutory presumption u/s. 292C is as to the truth of its’ contents. - disallowance of the assessee’s claim u/s. 54 - HELD THAT:- the assessee can object to the reasons recorded after filing the return of income in response to the notice u/s. 148, and where so, the AO is bound to dispose the said objections per a speaking order prior to proceeding further in the matter. The assesseee in the present case has not raised any objection to the reason/s for issuing the notice u/s. 148 even till the date of the assessment. Deduction U/S 54 - in the original return assessee did not show the capital gain and claimed exemption u/s 54 - whether the property through which capital gain arisen, was belonging to the assessee or not - held that:- It has already been clarified that neither AD nor her husband, RL, was the owner of the subject property at any time, as well as the circumstances in which the name of RL came to be entered qua the said plot in the records of JDA. And, further, that her ownership in December, 2001, when RL was alive, only would validate the ATS dated 25/12/2001, on the basis of which the assessee makes a claim of transfer. Why, the house was admittedly constructed, and not purchased, by the assessee, disproving the said ATS, which is for the purchase of a built house property. The assessee’s case, i.e., on the merits of the denial of claim u/s. 54, whichever way one may look at it, is completely unproved; in fact, disproved. The assessee has abysmally failed to exhibit the satisfaction of the conditions for claim of s. 54. Nothing has been brought on record to rebut the clear findings by the Revenue authorities which, being consistent with the material on record, have been endorsed - no case for allowing a deduction u/s. 54, claimed at ₹ 27.10 lacs, in respect of purchase of a residential house in December, 2001 by the assessee, is made out. The assessee is apparently the owner of the subject property, having constructed it, but that by itself would not entitle him for a claim u/s. 54, the ingredients of which remain to be satisfied, and the case as made out, completely unproved, if not disproved. I, therefore, decline interference, and uphold the impugned disallowance - Assessee’s appeal is dismissed.
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