2018 (6) TMI 1826
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....arises for consideration is disallowance of deduction claimed by the assessee under Section 54B of the Income-tax Act, 1961 (in short 'the Act'). According to the Ld. representative, the assessee owned an agricultural land at Injambakkam and sold the same on 08.01.2013. After adjusting the index cost of acquisition, the improvement and other expenditure, the capital gain was computed at Rs.3,58,24,032/-. According to the Ld. representative, the assessee claimed deduction of Rs.50 lakhs under Section 54EC of the Act and the balance of Rs.3.08 Crores under Section 54B of the Act. According to the Ld. representative, the assessee had invested long term capital gains to the extent of Rs.2.63 Crores in the Capital Gains Account Scheme an....
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.... very fair enough in bringing to the notice of the Bench that in the case of coowner in respect of the very same property, the same issue was remitted back to the Assessing Officer by an order dated 28.12.2017. The Ld. representative has also clarified that in the case of co-owner, the Adangal extract was not filed before the authorities below, therefore, this Tribunal remitted back the matter to the file of the Assessing Officer. In this present case, according to the Ld. representative, the Adangal extract, Patta, Village [10(1)] Account are produced both before the lower authorities and before this Tribunal, therefore, the case of the assessee is distinguishable from the case of the co-owner that was decided by this Tribunal. The Ld. rep....