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TMI Blog2019 (11) TMI 909X X X X Extracts X X X X X X X X Extracts X X X X ..... otato, filed his return of income declaring total income of Rs. 93,408/-. The return filed by the assessee was initially processed under section 143(1) and thereafter case of the assessee was selected for scrutiny. After following due procedure, assessment was completed under section 143(3) of the Income Tax Act, 1961 (hereinafter referred to as 'Act'), dated 24/03/2016. In the assessment order, the Assessing Officer has noted that on going through the Schedules 7, 8 & 9 of the statement of income, it is revealed that assessee has received total sale consideration of Rs. 23,78,440/- towards sale of three sites and shown long term capital gain at NIL after claiming exemption under section 54F of the Act. The assessee was asked to fu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ining the above explanation came to a conclusion that D.Nos. 4-17-9 & 4-6-31 (two houses) are in the name of the assessee in the rolls of the Municipal Corporation, Rajahmundry and he is also admitted rental income from these houses and claimed municipal taxes. As the assessee is the owner of two residential houses other than the new asset on the date of transfer, it is concluded that the conditions laid down for claiming of exemption under section 54F is not fulfilled by the assessee, therefore, he rejected the claim of the assessee under section 54F of the Act. 3. On appeal, the assessee has not filed any details before the ld. CIT(A), therefore, he confirmed the order of the Assessing Officer. 4. On appeal before us, the assessee has n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessing Officer during the course of scrutiny proceedings, and furnished by the assessee, which showed the name of the owner as T.Peddiraju, i.e., the assessee. The Assessing Officer, therefore, observed that the conditions laid down for claiming of exemption u/s.54 of the Income Tax Act were not fulfilled in this case, and went on to deny the deduction claimed by the assessee, and the entire amount of Capital gains was therefore added to the total income of the assessee. During the course of appellate proceedings, the contention of the appellant's AR is that the said rental properties were in the name of the father of the appellant, and that he executed a will, according to which, the mother of the appellant is having a life interes ..... X X X X Extracts X X X X X X X X Extracts X X X X
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