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TMI Blog2020 (5) TMI 87X X X X Extracts X X X X X X X X Extracts X X X X ..... nd 2-2-95, consisting of ground floor and first floor, on a total admeasuring and comprising area of 115 sq. yards situated at Ameerpet, Hyderabad for a consideration of Rs. 20,00,000/- vide registered sale deed with document no. 1557/2009, dated 24.06.2009. The AO observed that the Market Value of the property as per the sale deed as determined by SRO for the purpose of payment of stamp duty was Rs. 41,85,800/-. Therefore, he was of the opinion that provisions of S.50C of the Income Tax Act, 1961 (the Act) were applicable in assessee's case. Since the assessee has filed return of income for A.Y. 2010-11 admitting total income from business amounting to Rs. 1,53,500/- after Chapter-VIA deduction, but the assessee had not offered the said c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee's appeal. 4. Aggrieved, the assessee is in second appeal before the Tribunal by raising the following grounds of appeal. 1) The order of the learned Commissioner of Income-Tax (Appeals) is erroneous both on facts and in law. 2) The learned Commissioner of Income-Tax (Appeals) erred in initiating proceedings uls 147 of the I.T. Act for the purpose of invoking the provisions of Sec.50C of the I.T. Act. 3) The learned Commissioner of Income-Tax (Appeals) erred in confirming the action of the Assessing Officer in not allowing deduction u/s 54 F of the I.T.Act. 4) The learned Commissioner of Income-Tax (Appeals) is not justified in mentioning that the appellant did not furnish the details for claiming deduction uls 54 of the I. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... it cannot be entertained at this stage. 7. Having regard to rival contentions and material placed on record, I find that in the original return of income, the assessee has not offered the capital gain to tax nor has he claimed deduction u/s 54F of the Act. In view of the same, the assessment order, disallowing the claim of deduction u/s 54F is justified. However, the assessee had filed written submissions before the CIT(A) and had submitted before the Tribunal that he had all the relevant evidence to substantiate the claim u/s 54F of the Act. Since S.54F of the Act is a beneficial provision and the Hon'ble Courts have held that the beneficial provision should be construed liberally, I deem it fit and proper to admit assessee's claim of ded ..... X X X X Extracts X X X X X X X X Extracts X X X X
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