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TMI Blog2018 (6) TMI 1826X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s 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. re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... also one of the co-owners of the property, for the sake of consistency, this Tribunal is of the considered opinion that the matter needs to be re-examined by the Assessing Officer. Accordingly, the orders of both the authorities below are set aside and the issue raised by the assessee is remitted back to the file of the Assessing Officer. The Assessing Officer shall re-examine the matter in the light of the material that may be produced by the assessee, more particularly the Adangal extract and other relevant documents, and thereafter decide the issue afresh in accordance with law, after giving a reasonable opportunity to the assessee. 7. In the result, the appeal filed by the assessee is allowed for statistical purposes. Order pronounced ..... X X X X Extracts X X X X X X X X Extracts X X X X
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