9911796707
TMI Blog2024 (1) TMI 575X X X X Extracts X X X X X X X X Extracts X X X X ..... l, Bengaluru ("learned DRP"), assessee filed this appeal. 2. Brief facts of the case, as pleaded by the assessee are that, the assessee is an individual, an NRI and aged about 89 years is a resident of United Kingdom. He is the owner of a piece of land admeasuring 9680 square yards at Mansoorabad Village, Saroor Nagar Mandal, R.R District. As per registered Joint Development Agreement (JDA) vide Document 212/2012 dated 13/01/2012 entered into with M/s. SNR Nirman India Private Ltd. the assessee was entitled to receive 65190 sft. of built-up-area consisting of 52 constructed flats towards his share (35%). The assessee decided to sell of the built-up area to the builder itself and accordingly 52 flats were sold. Out of these 52 flats, 29 fla ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rs for AY.2021-13, withdrew the deduction of Rs. 6,77,04,992/- granted under section 54F of the Act and thus as on the date, the assessee is not enjoying any deduction under section 54F of the Act. 4. Further case of the assessee is that for the assessment year 2014- 15, the assessee filed his return of income on 24/08/2015, admitting the total income at Rs. 1,01,00,000/-. Subsequently, on 29/03/2021, a notice under section 148 of the Act was issued for the assessment year 2014-15 and the assessee filed the return of income under section 148 of the Act, admitting total income at Rs. 1,00,09,110/-, consisting of Income from Capital Gains. learned Assessing Officer passed draft order on 28/03/2022 under section 144C of the Act, assessing the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ital gains. Learned Assessing Officer, however, misread this direction and instead of reducing the long term capital gains by the indexed cost of acquisition, learned Assessing Officer added this Rs. 3,80,05,661/- towards long term capital gains by disallowing the claim of section 54F of the Act. He, therefore, submitted that the indexed cost of acquisition as directed by the learned CIT(A) may be reduced from the sale consideration. 8. From a reading of the order of the learned DRP, we find that the directions reads as follows: "2.2.12 we note that the assessee has entered into an agreement with the developer M/s. SNR Nirman India Pvt. Td. On 06.04.2013 & 10.03.2014 where by the assessee has sold and conveyed 29 flats out of 52 flats fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pt the request of the assessee and direct the learned Assessing Officer to reduce the sale consideration by indexed cost of acquisition, taking the cost of acquisition at Rs. 3,80,05,664/-. Ground No. 2 is accordingly allowed. 11. In respect of Ground No. 3, learned AR submitted that the learned Assessing Officer disallowed the deduction under section 54F of the Act allowed by the learned CIT(A) for the assessment year 2012-13, but as a matter of fact, for the assessment year 2012-13, a Co-ordinate Bench of the Tribunal directed the learned CIT(A) to verify whether the assessee is entitled to claim deduction under section 54F of the Act; that pursuant to such a direction, learned CIT(A) called for remand report of the learned Assessing Off ..... X X X X Extracts X X X X X X X X Extracts X X X X
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