Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2021 (10) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (10) TMI 777 - AT - Income TaxExemption u/s 54F - Denial of deduction as assessee was the owner of two houses - assessee on the date of transfer of the original asset owned more than one residential house and that the assessee could not substantiate his claim of having invested in a new residential house on the basis of supporting documentary evidence - HELD THAT:- It is a matter of fact borne from the record that both the lower authorities had adjudicated the issue in hand considering the fact that the property in question, viz. Indiabulls Greens, Panvel was an under construction property on the date of transfer of the original asset. In our considered view, the department on the basis of certain facts which are not borne from the record is trying to change the entire complexion of the case and is seeking to improve upon the assessment, which we are afraid is not permissible under Sec. 254 of the Act We find that the D.R had neither placed on record any material in support of the aforesaid claim of the revenue nor raised any contention to the said effect before us. In our considered view, the department on the basis of its totally unsubstantiated claim is trying to build up a fresh case on the basis of certain facts which are not available on record. It was in the backdrop of the aforesaid admitted facts i.e the property in question, viz. Indiabulls Greens, Panvel was an under construction property on the date of transfer of the original asset that the CIT(A) had thereafter adjudicated the issue under consideration. Backed by our aforesaid deliberations, we are of the considered view that the revenue by now raising the aforesaid claim is trying to change the entire complexion of the case by making a complete volte face and improving upon the assessment by canvassing facts which are not borne from the records. Aforesaid claim raised by the revenue before us, which as observed by us hereinabove clearly militates against the factual position that was admitted by the A.O in the course of the assessment proceedings and formed the very basis of framing the assessment order cannot be accepted, specifically when neither any material in support thereof is available on record or filed in the course of the proceedings before us, nor any contention to the said effect had been raised by the ld. D.R. The Grounds of appeal No. 1 & 2 are dismissed in terms of our aforesaid observations.
|