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TMI Blog2019 (12) TMI 143X X X X Extracts X X X X X X X X Extracts X X X X ..... ncome declaring an income of Rs. 33,94,370 which was income from house property. The AO noticed that during the previous year, the assessee sold property being Flat B-105, Habitat Splendour, for a sale consideration of Rs. 52 lakhs under Sale Deed dated 24.2.2012. The assessee invested the sale consideration by paying an advance for purchase of residential site bearing No.16 & 25, Horamavu Village, Bangalore. Subsequently, the sale deed was registered on 13.8.2012. The assessee claimed exemption u/s. 54 of the Income-tax Act, 1961 ["the Act"] on the ground that the entire sale consideration was used in acquiring a site over which the assessee intended to put up construction of a residential house. It is not disputed that the time limit for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... construction received on transfer, cost of acquisition of the property and expenses incurred in connection with the transfer. The assessee gave the following computation of long term capital gain before the CIT(A):- Particulars Amount Gross sale consideration received on sale of Flat No.B 105, Habitat Splendour, Mahadevapura, K R Puram, Bengaluru 52,00,000 Less: Expenditure on transfer Net sale consideration of Flat 52,00,000 Less: Indexed cost of Acquisition and Improvement Toe cost of acquisition of the aforesaid Flat is adopted as per valuation report dated 21.02.2015 issued by a Registered Valuer @ Rs. 19,34,100/- (Rs. 19,34,100 * 785/497) (CII: FY 2005-06 497 & FY 2011-12 785) 30,54,866 Long term capital gain 21 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... te Govt. for arriving at the cost of construction in Bangalore for the FY 2005-06. 8. As far as revised computation of capital gain filed by the assessee before the CIT(Appeals) in which Nil capital gain was computed, the CIT(A) has not given any specific finding, but directed the AO to compute the long term capital gain after factual verification. Aggrieved by the order of CIT(A), the assessee has preferred the present appeal before the Tribunal. 9. The grounds of appeal raised by the assessee are as follows:- 1. The orders of the authorities below in so far as they are against the appellant are opposed to law, equity, weight of evidence, probabilities, facts and circumstances of the case. 2. The learned CIT [A] is not justified ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... umstances of the appellant's case and the levy deserves to be cancelled. 6. For the above and other grounds that may be urged at the time of hearing of the appeal, your appellant humbly prays that the appeal may be allowed and Justice rendered and the appellant may be awarded costs in prosecuting the appeal and also order for the refund of the institution fees as part of the costs. 10. We have heard the rival submissions. As far as exemption claimed by the assessee u/s. 54 is concerned, the assessee has not satisfied the condition that the construction of new asset has to be complied within a period of 3 years from the date of transfer. This condition having not been satisfied in the case of assessee, the deduction u/s. 54 of the A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... B-105 1,315 472 10. C-M03 1,265 472 11. D-M02 1,265 472 12. D-007 1,275 472 13. A-304 2,545 708 14. Basement 250 - Total 18,975 6,608 2. Extent of land transferred to the developer. 111,367 3. Fair Market Value (FMV) of the above @ Rs. 500 per sft. 55,683,500 4. Cost per Sft of the Super built-up area, being the exchange value 2,930" 13. As far as the aforesaid computation of long term capital gain is concerned, the same is a second computation of the long term capital gain filed by the assessee before the CIT(A) and this is not supported by a report of any registered valuer. The flat that was sold by the assessee comprises of undivided share of interest in the land of 472 sft ..... X X X X Extracts X X X X X X X X Extracts X X X X
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