TMI Blog2021 (10) TMI 901X X X X Extracts X X X X X X X X Extracts X X X X ..... gistration papers and guidelines for stamp duty valuation are placed on record. It is noteworthy that Electricity Department had also considered the use of the said premises as a residential use and has charged the electricity rates accordingly. Perusal of record also shows that the assessee has submitted the copy of the Municipal receipt and return during the course of assessment proceedings itself. Municipal authorities have charged the property tax treating it as a residential property. From perusal of the purchase deed we find that the complete details of the property purchased by the assessee is mentioned which is measuring 864 sq.ft. and consists of residential rooms all located at first floor. Copies of electricity bills relating ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the records are that the assessee is an individual running business of grinding of spices, whole sale trading of spices, kirana items under the whole proprietorship concern of M/s. Kukreja Brothers. E-return of income for A.Y. 2010-11 filed on 20.10.2010 declaring income of ₹ 3,38,160/-. Case selected for scrutiny through CASS followed by serving of notices u/s 143(2) 142(1) of the Act. During the course of assessment proceedings Ld. AO observed that the assessee had claimed exemption u/s 54F of the Act for purchasing property at first floor of 208 situated at Major Shopping Central Scheme No.13, M.P. Nagar Zone-II Bhopal. Assessee claimed it to be residential property but Ld. AO considered it to be of commercial nature which cannot ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... activities and thus shops are constructed on ground floor and first floor to be utilized for residential purpose. We also find that the assessee has purchased a property as a residential property and registering authority have also registered the said purchase after charging expenses valuing the said property for stamp duty value as a residential property. Copy of registration papers and guidelines for stamp duty valuation are placed on record. It is noteworthy that Electricity Department had also considered the use of the said premises as a residential use and has charged the electricity rates accordingly. Perusal of record also shows that the assessee has submitted the copy of the Municipal receipt and return during the course of assessm ..... X X X X Extracts X X X X X X X X Extracts X X X X
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