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TMI Blog2014 (8) TMI 952X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessee purchased the second new residential property within one year of the transfer of original assets in contravention of clause (ii) to proviso (a) of subsection 1 of section 54F of the I.T. Act. 2. The appellant craves leave to add, alter or amend any of the grounds of appeal before or during the course of hearing of the appeal. 3. Briefly stated the facts are that the assessee filed his return of income on 24.01.2009 disclosing a total income of Rs. 6,41,200/-. The case was selected for scrutiny by issue of notice under section 143(2), dated 04.08.2009. The assessee had disclosed long term capital gain of Rs. 2,01,24,019/- on sale of land. The said capital gain was claimed exempt under section 54F, for investment in two new resident ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eard both the counsel and perused the records. Ld. DR relied upon the order of the AO. On the other hand, Ld. Counsel of the assessee has relied the order of the Ld. CIT(A). We find that. Ld. CIT(A) has perused the order under section 143(3), dated 16.08.2010 and the order under section 154, r.w.s. 143(3), dated 08.11.2010. We find that it was seen by the Ld. CIT(A) that the sale value disclosed by the assessee was Rs. 2,02,18,750/-, on which long term capital gains of Rs. 2,01,24,019/- was computed in the return filed. The assessee invested the amount of Rs. 95,50,000/- in a residential house at K-100, Kalkaji, New Delhi on 17.12.2007 and an amount of Rs. 1,00,29,500/- in land at 365, Sector-21C, Faridabad on 07.07.2008. We find that the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at Ld. CIT(A) has rightly observed that no case can be made out for denial of exemption under section 54F as the assessee has purchased the residential house in accordance with the provisions. Certainly the assessee was not entitled to the exemption under section 54F of the balance amount of Rs. 1,00,29,500/- for purchase of land, and the said claim was withdrawn during the assessment proceedings. It should also be stated that withdrawal of exemption under section 54F is certainly outside the scope of section 154, and there is no mistake apparent from the record which could have been rectified by the Assessing Officer. After carefully examining the facts of this case, the disallowance of the claim of exemption under section 54F in the order ..... X X X X Extracts X X X X X X X X Extracts X X X X
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