9911796707
TMI Blog2019 (2) TMI 717X X X X Extracts X X X X X X X X Extracts X X X X ..... mpletely arbitrary and illegal. 2. For that on the facts of the case the Ld. CIT(A) was wrong in allowing deduction u/s. 54F in place of u/s. 54 of the I. T. Act, 1961 which is completely arbitrary, unjustified and illegal. 3. For that on the facts of the case the Ld. CIT(A) was wrong in not allowing deduction U/s. 54 of the I. T. Act, 1961 for the second property purchased in Delhi amounting to Rs. 7.00 lakhs, which is completely arbitrary, unjustified and illegal." 3. Ground no. 1 is general in nature does not require any adjudication and, hence, the same is dismissed. 4. Brief facts of the case are that the assessee had sold the property, not being a residential house at Digha on 01.11.2011 for Rs. 2,77,12,544/- and computed long t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e is before us. 5. We have heard rival submissions and gone through the facts and circumstances of the case. This appeal is against the partial relief not granted to assessee. The Ld. CIT(A) has accepted the claim of assessee in respect to only the property purchased at Kolkata with the aforesaid rider. The Ld. CIT(A) has not accepted the claim of assessee on the residential flat purchased by the assessee on General Power of Attorney. Thus, we note that the only issue in this case is regarding the claim of the assessee in regard to house purchased in Delhi on the strength of General Power of Attorney which according to Ld. CIT(A) is not legally recognized accepted mode of transfer, therefore, he did not allow the deduction u/s. 54F of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n in allowing the deduction u/s. 54F of the Act in the assessment proceedings, we are of the opinion that the assessee should have been given the deduction u/s. 54F of the Act and, moreover even if the title is imperfect, it's legal consequences if any in-respect to flat is the look out of assessee and any defect if any in the mode of transfer of property cannot defeat the claim of assessee in this assessment year, because it is not the case of ld CIT(A) that it is a bogus claim, when the fact of possession of flat by assessee and sale consideration passed to the vendor and genuineness of the transaction having been accepted by AO and this fact not even been questioned by ld CIT(A), the claim ought not to have been disallowed by ld CIT(A), ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
