TMI Blog2022 (2) TMI 330X X X X Extracts X X X X X X X X Extracts X X X X ..... that the assessee is entitled to claim exemption u/s. 54F in respect of sale of art effects. Since, the investment in the property (₹ 2.70 Cr.) is more than the amount of sale consideration received (₹ 2.50 Cr), the entire capital gain is eligible for exempt from tax. Since, the facts could not be contradicted before us, considering the facts on record, we hereby decline to interfere with the order of the ld. CIT(A). - Decided against revenue. - ITA No. 2087/Del/2019 - - - Dated:- 28-1-2022 - Saktijit Dey, Member (J) And Dr. B.R.R. Kumar, Member (A) For the Appellant : Satpal Gulati, CIT-DR For the Respondents : Abhishek Jain, CA ORDER Per Dr. B.R.R. Kumar, Accountant Member The present appeal has be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... x Act, 1961 in respect of sale of paintings being not in the nature of capital asset. As per provisions of Section 2(14)(ii)(d), the paintings were excluded from the definition of personal effects w.e.f. 01.04.2008. Hence, paintings are capital asset and transfer of the same are subject to capital gain u/s. 45 of the Income Tax Act, 1961. The Assessing Officer has taxed this income owing to non-submission of details. 4. The ld. CIT(A) has deleted the addition holding that the facts on record clearly establish that the plea of claiming exemption of sale proceeds from art effects was before the Assessing Officer at the time of original assessment proceedings as in the letter dated 10.01.2014, details with regard to investment of ₹ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... identical house property and the new residential property was purchased on 08.09.2011 within a year from the date of such transfer of capital asset. After examining the submissions made before him, the ld. CIT(A) has found them to be in order and held that the assessee is entitled to claim exemption u/s. 54F in respect of sale of art effects. Since, the investment in the property (₹ 2.70 Cr.) is more than the amount of sale consideration received (₹ 2.50 Cr), the entire capital gain is eligible for exempt from tax. 6. Since, the facts could not be contradicted before us, considering the facts on record, we hereby decline to interfere with the order of the ld. CIT(A). 7. In the result, the appeal of the revenue is dismisse ..... X X X X Extracts X X X X X X X X Extracts X X X X
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