TMI Blog2018 (12) TMI 397X X X X Extracts X X X X X X X X Extracts X X X X ..... . The sale consideration disclosed in the sale deed was only ₹ 6 Crores. The assessee apparently received sale consideration to the extent of ₹ 3 Crores in cash. However, he deposited the same in S.B. Account in the names of self, his wife and children. ₹ 1.40 Crores was used for repayment of loan and ₹ 4.60 Crores was deposited in Capital Gains Account. The balance amount to the extent of ₹ 2,99,50,000/- was deposited in State Bank of India in the name of assessee, his wife and children and the same was taken over by the Department before the due date for filing of return of income - rightly the assessee was prevented from depositing the money in the Capital Gains Account. The total capital gain is ₹ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt year 2012-13. 2. The only issue arises for consideration is disallowance made by the Assessing Officer under Section 54F of the Income-tax Act, 1961 (in short 'the Act'). 3. Dr. M. Srinivasa Rao, the Ld. Departmental Representative, submitted that there was search in the premises of the assessee. During the year under consideration, according to the Ld. D.R., the assessee sold a landed property at Door No.99, New Avadi Road to M/s J.K. Holding Company Pvt. Ltd. for a total sale consideration of ₹ 9 Crores. However, the sale deed was registered disclosing the sale consideration only at ₹ 6 Crores. The balance ₹ 3 Crores was received by the assessee in cash. However, the balance was deposited in the bank acc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ; 1.40 Crores towards loan account and the balance of ₹ 4.60 Crores was deposited in the capital gain scheme which was confirmed by State Bank of India. According to the Ld. counsel, the balance amount of ₹ 2,99,50,000/- was deposited in State Bank of India in the name of the assessee, his wife and children. Before due date for filing of the return of income, according to the Ld. counsel, the Department seized the amount by withdrawing the same from bank account, therefore, the money was with the Department. The assessee was physically prevented from depositing the same in the Capital Gains Account, hence, the CIT(Appeals) allowed the claim of the assessee. The Ld.counsel further submitted that the due date for depositing in Cap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... peals) has rightly allowed the claim of the assessee under Section 54F of the Act. 6. The Revenue has also raised an objection in respect of failure of the assessee to make a specific claim under specific provision. No doubt, the assessee has not made any specific claim. However, he claimed exemption under Section 54 of the Act in the return of income filed by him. The assessee has not indicated the specific provision. The return of income clearly shows that the assessee claimed deduction under Section 54B/54D/54EC/ 54F/54G/54GA. This Tribunal is of the considered opinion that that the provisions of Section 54 and 54F of the Act are beneficial provisions. Merely because the assessee has not made any specific reference, that cannot be a r ..... X X X X Extracts X X X X X X X X Extracts X X X X
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