TMI Blog2020 (4) TMI 814X X X X Extracts X X X X X X X X Extracts X X X X ..... se two properties is new asset for which deduction is claimed u/s 54F. Proviso will be applicable if the condition prescribed in Proviso (b) that income is taxable under the head Income from House Property for the second house is satisfied. In para No.11 of the impugned Tribunal order as reproduced above, there is no discussion or finding on this aspect as to whether income from property purchased on these two dates is chargeable to tax under the head income from house property or not. There may be various reasons due to which income from house property may not be chargeable to tax under the head income from house property and since this aspect was not examined and decided by the Tribunal in the impugned Tribunal order, we find for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... house other than the new asset on the date of the transfer of the original asset, it has to be seen as to whether income from such residential houses is chargeable under the head I ncome from house property . He submitted that since this aspect was not examined and decided, there is an apparent mistake in the impugned Tribunal order which should be rectified or this Tribunal order should be recalled for the purpose of deciding afresh after considering this proviso (b) to section 54F(1). Learned DR of the Revenue submitted that there is no mistake in the impugned Tribunal order. 3. We have considered the rival submissions. First of all, we reproduce the proviso to section 54F(1) which reads as under: 54F. (1) Subject to the provis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nsfer of the original asset; or (iii) constructs any residential house, other than the new asset, within a period of three years after the date of transfer of the original asset; and (b) the income from such residential house, other than the one residential house owned on the date of transfer of the original asset, is chargeable under the head Income from house property . 4. As per the provisions contained in proviso to section 54F(1) as reproduced above, section 54F(1) will not apply if the assessee owns more than one residential house other than the new asset on the date of the transfer of original asset as well as in some other situations, such as where the assessee purchases any residential house other than the new asset ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng and as a result, the assessee will not be eligible for deduction u/s. 54F (1). In view of these facts and legal position, we hold that there is no infirmity in the order of CIT(A) as per which he has held that assessee is not eligible for deduction u/s. 54F (1) in the facts of present case. 5. As per the above para reproduced from the Tribunal order, it is seen that there is discussion in respect of proviso a (ii) of section 54F(1) but there is no discussion about proviso (b) and there is no finding that the income from houses purchased by the assessee after the date of transfer of the original asset is chargeable to Income Tax under the head income from house property . In Para 10 of the impugned Tribunal order, it is noted by the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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