9911796707
TMI Blog2024 (10) TMI 862X X X X Extracts X X X X X X X X Extracts X X X X ..... sing the issue with the learned DR, the delay of 5 days in filing of the appeal by the assessee is hereby condoned and the appeal is admitted for adjudication. 3. The brief facts of the case are that the assessee is an individual and filed his return of income for the A.Y 2014-15 on 31/3/2015. The assessment has been reopened on the ground that the income chargeable to tax had been escaped the assessment on account of under assessment of the capital gain arising out of transfer of property in pursuant to JDA. Accordingly, notice u/s 148 of the I.T. Act, 1961 dated 30/01/2017 was issued and served on the assessee. In response, the assessee has filed return of income on 19/12/2017. The case was selected for scrutiny and during the course of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rs. 58,49,800/-. The Assessing Officer had also computed the Long-Term Capital Gain of Rs. 26,69,614/- in respect of property purchased on 30/07/2010 and also computed Short-Term Capital Gain of Rs. 26,55,950 in respect of property purchased on 18/03/.2011, however, rejected the claim of the assessee towards exemption claimed u/s 54F of the I.T. Act, 1961. 4. On appeal, the learned CIT (A) upheld the additions made by the Assessing Officer. 5. Aggrieved by the order of the learned CIT (A), the assessee is in appeal before the Tribunal. 6. The learned Counsel for the assessee referring to certain judicial precedents including the decision of the Hon'ble High Court of Andhra Pradesh in the case of CIT vs. Syed Ali Adil (2013) 352 ITR 4 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and Short-Term Capital Gain of Rs. 26,55,950/- and this fact is not disputed by the assessee. The only dispute is with regard to rejection of exemption claimed u/s 54F of the I.T. Act, 1961. The assessee claims that he is entitled for 54F exemption in respect of 3 flats received from the builder for surrendering 65% undivided share in land. The Assessing Officer denied the exemption u/s 54F of the Act, on the ground that the assessee has not made any claim in respect of 54F exemption in the original return of income filed u/s 139 of the I.T. Act, 1961. In fact, the Assessing Officer is completely silent on the issue of exemption u/s 54F of the Act. 9. Be that as it may, but fact remains that, if an assessee transfers any property other tha ..... X X X X Extracts X X X X X X X X Extracts X X X X
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