TMI Blog2024 (2) TMI 1109X X X X Extracts X X X X X X X X Extracts X X X X ..... dication after consideration of the additional document furnished by the assessee - We also direct the AO to conduct thorough verification/examination of all the aspects pertaining to the claim of income as agricultural income - As a result, ground no. 1 raised in assessee s appeal is allowed for statistical purposes. LTCG - Exemption u/s 54F - claim denied as vacant and peaceful possession of the residential house is not handed over to the assessee as full and final consideration is not paid - During the hearing, in support of the claim that the assessee is the lawful owner of the flat and the share certificate by the Co-operative Housing Society has also been transferred in its name, reference was made to the copy of share certificate issued by Housing Society - HELD THAT:- It is evident from the record that the aforesaid documents have not been considered by the lower authorities and the claim of the assessee was rejected u/s 54F on the basis that the assessee is not the owner of the flat. Therefore, in the interest of justice, we deem it appropriate to restore this issue to the file of the jurisdictional AO for de novo adjudication after consideration of all the material a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was shown and out of that assessee s share stood at Rs. 22.70 lakh. During the assessment proceedings, the assessee was asked to submit details with regard to agricultural income, viz. copy of 7/12 extract of the year, details of crop sown and yield of the same, certified copy of Talati register in respect of agricultural produce cultivated and sold during the year, certificate of Talati stating the quantum of agricultural produce item wise and expected amount of sale/actual amount of sale, a statement showing total area of agricultural land held by the assessee individually and in case of joint holding the area pertaining to the assessee out of total area and nature of holding of assessee and also submit whether on land held by the assessee is irrigated land or non irrigated. After considering the submissions of the assessee, the Assessing Officer ( AO ) vide order dated 04/03/2014 passed under section 143(3) of the Act held that the claim of exemption of agricultural income shown by the assessee cannot be allowed as the assessee has failed to produce 7/12 extract for the relevant financial year, extract of Talati register, transporter bill/lorry receipt/road challan/labour charge ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... her, the statement showing the agricultural income of Rs. 1.09 crore, out of which assessee s share stood at Rs. 22.70 lakh is also not supported by any documentary evidence. During the hearing, the learned Authorised Representative ( learned AR ) placed on record the surveyors report, wherein the land used for agriculture activities, types of trees, and other activities are mentioned. Accordingly, the learned AR submitted that the land measuring 66.8135 Hector was used for the plantation of mango, cashew, coconut, pineapple, banana, jackfruit, chikoo, jamun, bamboo, and animal feeding plantation. Thus, it is the claim of the assessee that apart from the 7/12 extract the aforesaid surveyors report also justifies the claim of the assessee that an amount of Rs. 22.70 lakh is the agriculture income of the assessee. 7. Since the aforesaid document, now placed as additional evidence, was not considered by any of the lower authorities, therefore, in the interest of justice, we deem it appropriate to restore this issue to the file of the jurisdictional AO for de novo adjudication after consideration of the additional document furnished by the assessee. In this regard, we also direct ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t has been advanced by entering into an agreement of sale which has not been converted into sale agreement/deed. After considering the submission of the assessee, the AO held that under section 54F of the Act, the assessee is required to purchase the new house within a period of one year before or two years after the transfer of any long-term capital asset. In the present case, the assessee sold the shop on 14/02/2011, and therefore to claim exemption under section 54F of the Act, the assessee was required to purchase the residential house by 13/02/2013. However, the assessee entered into an agreement to sale with Mrs Usha Umesh Mishra on 29/01/2011 and paid Rs. 10 lakh and the remaining amount has not been paid till 18/02/2014. Since the entire consideration has not been paid, and the agreement of sale has not been converted into a sale deed, therefore the purchase is not complete. Thus, it was held that the assessee has failed to produce any evidence to show that the entire consideration has been paid within the period of two years from the date of sale of the capital asset, and the assessee has also failed to prove that the purchase of a new asset is complete. Further, by referr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ver the position of the flat to the assessee. 13. It is evident from the record that the aforesaid documents have not been considered by the lower authorities and the claim of the assessee was rejected under section 54F of the Act on the basis that the assessee is not the owner of the flat. Therefore, in the interest of justice, we deem it appropriate to restore this issue to the file of the jurisdictional AO for de novo adjudication after consideration of all the material as furnished by the assessee. Needless to mention no order shall be passed without affording reasonable opportunity of being heard to the assessee. The assessee is also directed to furnish all the information/details as may be sought by the AO. With the above directions, the impugned order on this issue is set aside, and ground no. 2 raised in assessee s appeal is allowed for statistical purposes. 14. Ground no. 3 raised in assessee s appeal was not pressed during the course of the hearing. Accordingly, the same is dismissed as not pressed. 15. The issue arising in ground no. 4 pertains to the levy of penalty, which is premature in nature. Therefore, the same is dismissed. 16. As a result, the appeal ..... X X X X Extracts X X X X X X X X Extracts X X X X
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