TMI Blog2020 (8) TMI 360X X X X Extracts X X X X X X X X Extracts X X X X ..... the facts and circumstances of the case we set aside the matter to the record of the ld. CIT(A) to considered the additional evidence filed by the assessee and thereafter give a finding on all the issues and grounds which were raised by the AO while denying the deduction U/s 54F of the Act. Needless to say the assessee was granted one more opportunity of hearing before passing fresh order. Appeal of the assessee is allowed for statistical purposes. - ITA No. 453/JP/2019 - - - Dated:- 13-8-2020 - Shri Ramesh. C. Sharma, AM And Shri Vijay Pal Rao, JM For the Assessee : Shri Swrawan Kumar Gupta (Adv.) For the Revenue : Shri K. C. Gupta (JCIT) ORDER PER: VIJAY PAL RAO, J.M. This appeal by the assessee is directe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... llant totally denies it liability of charging of any such interest. The interest, so charged, being contrary to the provisions of law and facts may kindly be deleted in full. 2. The solitary issue arises in this appeal is disallowance of claim of deduction U/s 54F of the Act against the capital gain drive by the asessee during the year under consideration. The assessee is a contractor engaged in the Civil Contract works and also running of vehicles and machineries on hire. The assessee filed his return of income for the year under consideration on 28.09.2013 declaring total income of ₹ 25,49,550/-. During the scrutiny assessment the AO noted that the assessee has claimed deduction U/s 54F of the IT Act of ₹ 35,68,959/- on ac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... esidential houses as on the date of sale of the property. He has also referred the balance sheet as on 31.03.2015 and submitted that in the subsequent year s balance sheet the assessee has not shown this flat as it was not allotted to the assessee. He has also relied upon the various judgments on the point of legal ownership of immovable property. 4. On the other hand, ld. DR has submitted that the AO has considered this facts of the assessee having a flat at Ahmedabad from the balance sheet of the assessee itself and therefore the assessee cannot dispute this fact which is part of the books of accounts of the assessee and shown in the balance sheet. Subsequent stand of the assessee is an afterthought claim when the Assessing Officer dis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... whole amount of sale consideration must be invested in purchase of house property/construction of residential property whereas the assessee taken house/home loan from SBI bank for such construction as the assessee has claimed house property loss on account of interest payment u/s 24(b) of the Act. 4. For claiming. exemption u/s 54F the assessee has to take actual sale consideration whereas the assessee ha.s taken 50C value. Thus, the AO has cited reasons for denying the claim of deduction U/s 54F of the Act. This action was challenged by the assessee before the ld. CIT(A) but the ld. CIT(A) in the impugned order has confirmed the action of the AO only on first reason itself i.e. the assessee is also having more than one residential ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the case, the action in denying the deduction U/s 54F of the Act is confirmed. Appellant s ground no. 1 is dismissed. Since, the ld. CIT(A) has not discussed the other grounds which the AO has recorded in the assessment order along with this one which is considered by the ld. CIT(A) and further the assessee has now produced the additional evidence in support of the claim that he has not acquired the flat in question as such there is no violation of condition prescribed U/s 54F of the Act therefore, in the facts and circumstances of the case we set aside the matter to the record of the ld. CIT(A) to considered the additional evidence filed by the assessee and thereafter give a finding on all the issues and grounds which were ra ..... X X X X Extracts X X X X X X X X Extracts X X X X
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