9911796707
TMI Blog2021 (11) TMI 79X X X X Extracts X X X X X X X X Extracts X X X X ..... ght of evidence, natural justice, probabilities, facts and circumstances of the appellant's case. b) The appellant denies himself to be assessed on a total income of Rs. 62,61,360/- as against the income returned by the appellant of Rs. 1,24,96,436/- on the facts and circum stances of the case. - 2. a) The authorities below erred in denying exemption claimed under section 54F of the Act of Rs. 62,35.074/- under the facts and circumstances of the case. b) The authorities below erred i n not appreciating that the appellant had not obtained the possession of the impugned six flats at any point in time and consequently the appellant did not own more than one residential house under the facts and circumstances of the case. 19,26,640/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y. - 7. The appellant denies himself liable to be levied to interest under sections 234B and 234C of the Act and further the computation of interest was not provided to the appellant as regard to the rate, period and method of calculation ot interest under the facts and circumstances of the case. The appellant expressly urges that the period of levy of interest is not in accordance with sections 234B and 234C of the Act. 7,28,300/- 8. The appellant craves leave to add, alter, delete or substitute any of the grounds urged above. - 9. In view of the above and other grounds that may be urged at the time of the hearing of the appeal, the appellant prays that the appeal may be allowed in the interest of justice and equity. - Bri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ,475 ft.² of undivided interest in the land, assessee was to get 32,840 ft.² of super built up area in the apartment complex which resulted in 24 flats coming to assessee's share. 5. The Ld.AO noted that, assessee sold 3 flats falling in his share from the JDA during the year under consideration resulting in long term capital gains. Assessee purchased property on 25/06/2015 from M/s Apranje Jewellers Pvt Ltd. The Ld.AO asked assessee to furnish bank account statement evidencing investment and house property for claiming exemption under section 54 and to justify the claim as assessee was already in possession of 4 flats as per the JDA. From the submissions filed, the Ld.AO noted that amount of Rs. 65 Lacs was deposited in the capi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e sold, it deemed to have been handed over to assessee. It was the opinion of the Ld.AO that, once development of the property is completed the right over the flats falling into assessee's share vests in him. The Ld.AO held that, the unsold flats are nothing but more than one's self occupied property and therefore provisions of section 54F stands violated as on the date of purchase of new asset during the year under consideration. The Ld.AO thus denied the exemption claimed by assessee under section 54F amounting to Rs. 62,35,074/-. Aggrieved by the order of the Ld.AO, assessee preferred appeal before the Ld.CIT(A). 8. The Ld.CIT(A) upheld the action of Ld.AO. The Ld.CIT(A) also emphasised that the conditions stipulated in the JDA is very ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... etion. 11.2 During assessment year 2012-13 the developer sold 15 flats belonging to assessee. 11.3 Subsequently, for assessment year 2013-14 being the relevant assessment year under consideration, the developers sold 3 flats. Assessee invested the capital gains arising from the sale of 3 flats during the year under consideration. It was submitted that assessee acquired a residential property on 25/05/2013 for sale consideration of Rs. 3,60,00,000/- against which sum of Rs. 3,27,93,600/- was paid from the capital gains account scheme. At the time of purchase of new asset, assessee was holding on to 6 residential units in the constructed premises as per the JDA. 11.4 We have perused the joint development agreement placed at pages 30 to 44 ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
