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2018 (4) TMI 1365 - AT - Income TaxCapital gain computation - cost of acquisition of the house property sold by the assessee - single or joint ownership - Held that:- The claim of the assessee that she along with her husband had purchased the property from three co–owners for total sale consideration of ₹ 1,10,00,001, prima–facie, appears to be correct. The documentary evidences as submitted before both the Assessing Officer and the learned Commissioner (Appeals), unfortunately, without properly looking into them they have considered the sale consideration mentioned in respect of a single co–owner in one agreement at ₹ 36,36,000 for the purpose of indexation benefit. The aforesaid approach of the Departmental Authorities is completely untenable and unfair. When the assessee through proper documentary evidence is making a claim, the Departmental Authorities are duty bound to examine the correctness of assessee’s claim. Departmental Authorities have completely ignored / overlooked documentary evidences brought on record while making the addition on account of long term capital gain. Eligibility to claim deduction 54F - assessee has not invested the capital gain in new residential house within the prescribed time limit - Held that:- Commissioner (Appeals) completely misconceived the facts and misapplied the provisions of law while coming to the conclusion that the assessee being the owner of more than one residential house apart from the new residential house is not eligible to claim deduction 54F of the Act. In the process, the learned Commissioner (Appeals) has completely over looked the fact that the assessee has claimed deduction under section 54 of the Act and not under section 54F of the Act. Thus, the conditions and restrictions imposed under section 54F of the Act are not applicable to the assessee. We are inclined to set aside the impugned order of the learned Commissioner (Appeals) and restore all the issues arising in the present appeal relating to computation of long term capital gain and deduction claimed under section 54 of the Act to the file of the Assessing Officer for de novo adjudication - Decided in favour of assessee for statistical purposes.
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