TMI Blog2016 (12) TMI 1865X X X X Extracts X X X X X X X X Extracts X X X X ..... intended to avoid the tax liability in the hands of the assessee. The release deed executed by her husband is not registered. The onus lies on the assessee to prove that the transaction was a genuine transaction by furnishing the details of actual date of payment of consideration to her husband towards relinquishing his share of right in the property - even after the relinquishment deed, the assessee along with her husband entered jointly into a lease agreement dated 09.01.2008 with Shell Technology India (P) Ltd. This goes to prove that the release deed is not actually intended to be acted upon - appellant is not entitled to any deduction under section 54F as she has failed to prove beyond doubt that the assessee acquired the new house ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on of ₹ 5,35,00,000/- vide sale deed dated 27.10.2007. ii. The share of appellant was ₹ 1,60,50,000/-. After deduction, the selling expenses and indexing the cost of acquisition, the long term capital gain of ₹ 1,56,85,225/- was arrived at by the appellant. In respect of this capital gain, the appellant has claimed exemption under section 54F to the extent of ₹ 1,56,33,870/- and offered balance of long term capital gain of ₹ 51,355/- to tax. The appellant had claimed exemption under section 54F in respect of properties supposed to have been acquired for purchase of flat bearing No.3092 in Level 9 of Block No.3 at Prestige Nottinghill Survey No. 9, Kalena Agrahara Village, Begur Hobli, Bangalore South Talu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee owns more than one house and the cost of investment also not been proved by the assessee. 7. Being aggrieved, an appeal was preferred before the CIT(A), who vide impugned order held that the assessee is entitled to deduction under section 54F to the extent of 50% of cost of acquisition of the new property which is estimated at ₹ 91,58,083/- which comes to ₹ 45,79,042/-. The relevant para of CIT(A) is as follows: 8. Being aggrieved by that part of the order, the revenue is in appeal in ITA No.1780/Bang/2013 by raising the following grounds of appeal: 9. The assessee is in appeal in ITA No. 1755/Bang/2013 raising the following grounds of appeal: 10. Now we shall take up the revenue appea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... record. The issue that comes up for consideration before us in the present appeal is whether the assessee is eligible for exemption under section 54F in view of the fact that the husband of the assessee released the property in favour of the appellant, whether such release is acceptable under the law. The AO had categorically held that it is a transaction of colourful device adopted with a view to avoid tax liabilities and the transaction between a wife and husband is only a paper transaction. The learned AO had come to this conclusion because the assessee had failed to prove that the assessee had paid the consideration to her husband towards relinquishment of interest in the property i.e., new asset and the deed of relinquishment was not r ..... X X X X Extracts X X X X X X X X Extracts X X X X
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