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2022 (9) TMI 468 - AT - Income TaxDeduction u/s. 54F - LTCG - Claim denied since the assesse was owning two house property - Assessee claimed that these properties are Farm House / Commercial property instead - assessee’s claim of agricultural activity and dairy activity is not substantiated with proof of evidence and not declared in the Return of Income filed by the assessee - CIT(A) held that Vishubag Property is the second residential property of the assessee’s residence property and therefore not eligible for deduction u/s. 54F as well as the assessee having failed to declare any agricultural income from the Farm property, on that count also the claim of the assessee the Farm property as a commercial property was rejected by CIT-A HELD THAT:- The assessee has built Residence/Bungalow, Manager’soffice, Workers residence/Outhouse, Storehouse/farm equipments, Cow shed, etc. in 22 acres of land at Vishubaug to substantiate the claim that there is a residence property or Bungalow in Vishubaug property by the assessee. The assessee ought to have produced the property tax details and electricity connection details to prove the nature of the above property however, the same is not produced before us or before the Lower Authorities. Therefore the claim made by the assessee is hereby rejected. Further the assessee has not offered the agricultural income/loss in its Return of Income. Therefore the claim of the assessee, it was a commercial property cannot be entertained. Therefore the grounds raised by the assessee are devoid of merits and the same are rejected. Appeal filed by the Assessee dismissed.
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