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TMI Blog2020 (9) TMI 817X X X X Extracts X X X X X X X X Extracts X X X X ..... allowing claim of deduction U/s 54F of the Act. Rival contentions have been heard and record perused. Brief facts of the case are that assessee filed her return of income on dated 30/03/2011 declaring the total income of Rs. 361039/- including the long-term capital gain at Rs. NIL. The assessee has sold a land on 18/08/2009 which was held jointly by her husband Sh.Rajender Garg and her two sons Sh. Saurabh Garg and Kartik Garg. The said land was an agricultural land measuring 1.26 hectare at Motu Ka Bas, Tehsil: Amer, Jaipur. Total sale consideration has been shown in the sale deed of Rs. 1,52,00,000/- of which 40% share was belonging to the assessee with her minor son Kartik i.e. Rs. 60,80,000/- had shown by assessee in her return of inco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . Against the said order of Assessing Officer an appeal has been filled by the assessee before CIT(A)-II. By the impugned order, the ld. CIT(A) has confirmed the action of the A.O., against which the assessee is in further appeal before the ITAT. 4. We have considered the rival contentions and carefully gone through the orders of the authorities below. We had also gone through the order of the Tribunal dated 30/10/2015 in the first round. The ITAT, Jaipur has given clear findings in para-6 of it's order dated 30/10/2015 that assessee purchased the commercial plot from the JDA, Jaipur and on which construction was made for which an agreement was also made with M/S Kalyani Engineering, Jhotwara, Jaipur of Rs. 10.50 Lacs and receipt of p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... see with M/S Kalyani Engineering for construction on the said plot against the payment of Rs. 10.50 lacs out of which Rs. 4.50 Laces was made by cheque no. 919654 dated 31/07/2010 mentioned in the agreement itself and remaining Rs. 6.50 lacs made by cash for which cash receipts were submitted to the AO. Agreement was found to be genuine by the AO with the payment of Rs. 10.50 Lacs including cash payment of Rs. 6.50 lacs, however, AO has wrongly mentioned in para-8.6 that source of payment was not supported by evidences. Further, AO admitted that construction of two rooms were made on the plot but those were appearing godowns and not for residential purposes as per the spot enquiry report and construction was made before taking the possessio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tc. and house was constructed within stipulated time. Thus, all the conditions of claiming deduction under Sec. 54F of the Act were fulfilled by the assessee and all relevant details/evidences submitted before the AO during the proceedings which were examined by him and nothing was remained on the part of the assessee to prove her claim as per provisions of sec. 54F of the Act. The same ratio was laid down by the Hon'ble ITAT, Jaipur in case of Om Prakash Goyal which is reproduced as under: "Capital Gain- Eligibility for Exemption u/s 54FAssessee declared long term capital gain and claimed exemption u/s 54F, which was disallowed by AO on ground that assessee has purchased agricultural land for claiming exemption u/s 54F of the Act- Ho ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in interpreting the actual spirit of section 50C of the Act for the purpose of working out deduction under section 54F of the Act as Sec 50C is deeming provision and only applicable to sec. 48 not to the sec. 54F & others." 12. We have gone through the orders of the authorities below and found that the AO has worked out the capital gain by taking the value as per stamp authority against actual sale value shown in the sale deed by applying the sec. 50C of the Act. As per our considered view Section 50C of the Act is a deeming provision which was brought on the Statue as a preventive measure to curb the general tendency of change of hands of the on-money in real estate transactions. Such spirit of the legislation was made very clear in Fina ..... X X X X Extracts X X X X X X X X Extracts X X X X
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