TMI Blog2023 (4) TMI 241X X X X Extracts X X X X X X X X Extracts X X X X ..... he CIT(A). The assessee has demonstrated that the amount was paid in cheque and remaining amount was paid on various dates in cash. The remand report is solely relying on the statement of the Notary but the actual transaction was not disputed by the AO as well as the CIT(A). Thus, the claim made by the assessee that of deduction u/s 54B was justifiable as the purchase was made in the name of assessee s wife for which the assessee has paid the entire - Therefore, the CIT(A) was not right in denying the said claim. Appeal of the assessee is allowed. - ITA No.56/Ahd/2020 - - - Dated:- 5-4-2023 - Ms. Suchitra Kamble, Judicial Member For the Assessee : Shri Aseem Thakkar, AR For the Revenue : Shri Sanjay Kumar, Sr. DR ORDER ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssuing directions on issues not covered by the grounds of appeal raised by the assessee 5. The learned Commissioner of Income Tax (Appeals) has erred in indirectly enhancing assessment without giving the statutory notice as stipulated u/s.251(2) of the Act by giving direction to withdraw the claim of exemption u/s.54B of the Act of Rs.13 Lacs already granted . 6. The learned Commissioner of Income Tax (Appeals) has erred in not taking cognizance of the affidavit of legal heirs of the sellers namely Vasudev Odharbhai Rabari and Arjunbhai Rajabhai Rabari who have affirmed the receipt of money to the assessee. 7. The learned Commissioner of Income Tax (Appeals) has erred in giving direction to the A.O. to intimate the facts of c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ral land for Rs.91,80,000/- and received the share of Rs.61,20,000/- and claimed benefit of Section 54B of the Act to the extent of Rs.59,23,198/- after taking the index cost of Rs.1,96,802/-. The assessee purchased the agricultural land in his wife s name and conveyance deed registered for Rs.13,00,000/- only. Therefore, the Assessing Officer held that the assessee is eligible to claim deduction under Section 54B of the Act only for Rs.13,00,000/- and the balance amount of Rs.46,23,198/- was disallowed and added to the income of the assessee as wrongly claimed under Section 54B of the Act. 4. Being aggrieved by the Assessment order, the assessee filed appeal before the CIT(A). The CIT(A) dismissed the appeal of the assessee and also wit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the Act against the sale consideration of the agricultural land as the assessee purchased agricultural land in the name of wife of the assessee Smt. Madhuben Somabhai Vankar (Parmar) for an amount of Rs.13,00,000/- vide purchase deed dated 27.04.2010. This aspect was explained to the Assessing Officer during the assessment proceedings. The Ld. AR further submitted that the purchase of agricultural land is for Rs.59,23,198/- and to that extent the remaining amount of Rs.46,23,198/- was paid in cash on various dates. The Ld. AR submitted that the observations of the Assessing Officer that for claiming deduction under Section 54B the purchase has to be made in the name of the assessee only and not in any other person s. The Ld. AR submitted ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... purchase deed is in the name of the wife of the assessee and, therefore, the CIT(A) has rightly rejected the exemption under Section 54B of the Act. 7. Heard both the parties and perused all the relevant material available on record. It is an undisputed fact that the assessee though registered the documents related to sale deed of agricultural land to the extent of Rs.20,00,000/-but the amount was paid entirely to the extent of Rs.92,50,000/- jointly. It is an undisputed fact that the assessee s share was Rs.61,20,000/- including cheque and cash. The purchase of the agricultural land was in the same financial year i.e. 2009-10 and the purchase deed dated 27.04.2010 is in the name of assessee s wife. This fact was also not disputed. The a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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