9911796707
TMI Blog2013 (4) TMI 293X X X X Extracts X X X X X X X X Extracts X X X X ..... f exparte. 3 The ld AR of the assessee has submitted that the assessee is an individual and unemployed lady who was staying at Laxmi Nivas, No 26 Nepean Road, Mumbai 400 006 until 2008. The said property was purchased and built by her great-great grandfather in or around 1986, who died in the year around 1912 leaving his wife, sons and daughter. The executors of the probated will of the great-great grandfather vested the property left by him including the aforesaid premises in question in a Trust in which the assessee's great-grandfather and grandfather were beneficiaries. After the demise of the grandfather in the year 1970, his wife inherited the premises and after her demise in the year 1998, the assessee/petitioner inherited the premis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Accordingly, part relief was granted by the Commissioner of Income Tax(Appeals) and the original demand raised by the Assessing Officer at Rs. 1,13,45,290 was reduced to Rs. 81,37,741/-. The ld AR of the assessee has further submitted that the Assessing Officer, after giving effect to the order of the CIT(A) has attached the saving bank account and Fixed Deposit account of the assessee vide order dated 31.7.2012. Apart from the assessee's bank account and FD account, the Assessing Officer has also attached the saving bank and FD account of the assessee's aunt Ms Tehmin Cassinath as well as the saving bank account of Matheran Sanatorium Trust. The ld AR has filed a chart showing the details of the account and the amount attached by the Asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in denying the deduction u/s 54 of the Act and granting the deduction u/s 54F of the Act. The Commissioner of Income Tax (Appeals) has also confirmed the denial of the benefit of indexation cost of value as on 1.4.1981 as well as the claim with respect to the expenses for improvement/repairs. 4.1 As regards the Fixed Deposits of Rs. 1.25 crores in the capital gain account, the Commissioner of Income Tax(Appeals) has allowed the claim of deduction u/s 54F in this respect. Thus, the ld Commissioner of Income Tax(Appeals) allowed part claim of the assessee and the demand is arising in respect of denial of the benefit of indexation cost valued as on 1.4.1981 and the expenses incurred for repairs and improvement of the property. 4.2 Since the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oned above is directed to be withdrawn. Subject to the payment of the above said amount, recovery of the demand is stayed till the disposal of the appeal or 180 days whichever is early. 7.2 The appeal of the assessee is directed to be listed for out of turn hearing on 25th March 2013. It is clarified that this stay as well as out of turn hearing are subject to the payment of amount as directed by us, failing which the stay granted shall stand vacated and the matter shall be taken out from the out of turn hearing category. 7.3 The assessee has to produce the payment Challan on or before the next date of hearing. Since the date of hearing of the appeal is pronounced in the presence of both the parties; therefore, no separate notice of heari ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
