9911796707
TMI Blog2025 (3) TMI 1272X X X X Extracts X X X X X X X X Extracts X X X X ..... powers conferred on the Principal CIT under section 263 of Act, cannot invoked only based on a change of opinion. 2. The Principal Commissioner of Income-tax has erred in passing Order u/s. 263 of the Income-tax Act, 1961 dated 03.02.2025, without appreciating the fact that the order passed by the A.O. is neither erroneous nor prejudicial to the interest of revenue. 3. The Principal Commissioner of Income-tax has erred in passing Order u/s. 263 of the Income-tax Act, 1961 dated 03.02.2025, and issuing directions that exemption u/s. 54F was not admissible without considering that A.O. had in para 3.1. page 3 had considered the grounds, w.r.t. investment in duplex flats, and after application of mind held that the provisions of Section 54F was available to the Assessee and hence the directions of Principal Commissioner of Income-tax were on account of change of opinion. 4. The Principal Commissioner of Income-tax has erred in passing Order u/s. 263 of the Income-tax Act, 1961 dated 03.02.2025, and issuing directions that indexation benefit on shares received as gift by Assessee was not available in respect of the holding period of the previous owner even though the same is the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er u/s 143(3) read with section 1448 of the Income-tax Act, 1961 dated 20.09.2022. As per the details, it is observed that the assessee was owner of more than one immovable property, out of which one Immovable property was gifted to daughter in law on 27.02.2020. At the time of investment, the assessee had owned more than one immovable property which is against the section 54F of the IT. Act, 1961 Hence, in view of the abovesaid conditions, exemption claimed u/s 54F of the IT. Act, 1961 of Rs. 8,57,46,911/-ought to have been disallowed and added back to the total income. Thus, omission in this regard has resulted in incorrect allowance of exemption claimed u/s 54F of the IT. Act, 1961 of Rs 8,57,46,911/- and also resulted in underassessment of income to the same extent with consequential tax and interest under provisions of the IT. Act. 1961. 2.1 It is further observed from gift deed of Shri Bhaskar Prataprai Shah executed on 27.02.2020 that he gifted 511 shares to the assessee, however, the assessee had claimed indexation on such shares from 12.02.2016 considering the owner of said shares and worked out long term capital gain which is in contravention of section 2(47) of the I.T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... received from sale of shares of Ascent Health & Wellness Solutions Pvt. Ltd. And loan taken from family members of the Assessee i.e. Mr. Sidhharth Shah(Son), Ms. Priyanka Shah(daughter) & Mr. Bhaskar Shah(Husband). Loan confirmations from the family members along with copy of ITR, and bank statement for the period under consideration were also provided, 2. Bank statement of the assessee for the period April 2019 to March 2020 duly marking payment made for investment in new flat alongwith source of investment were also provided. 3 Copies of receipt evidencing payment of Stamp Duty(dated 13.08.2020) and registration Charges (dated 27.08.2020) along with copies of Bank statement duly marking payment made for Stamp Duty and Registration Charges were also provided. Vide Show cause notice dated 09.03.2022, the assessee was asked to confirm with documentary evidences, whether she was holding 2(two) properties during the year or not. The assessee vide her reply dated 14.03.2022 submitted that the property at Vivek is a commercial property from where M/s Priyanka Medical Pvt. Ltd. (wherein the assessee is a Director) runs and operate a Nursing Home. The said address is used by the as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n as the cost of the new asset bears to the net consideration, shall not be charged under section 45: [Provided that nothing contained in this sub-section shall apply where- (a) the assessee,- (i) owns more than one residential house, other than the new asset, on the date of transfer of the original asset; or (ii) purchases any residential house, other than the new asset, within a period of one year after the date of transfer of the original asset; or (iii) 37constructs any residential house, other than the new asset, within a period of three years after the date of transfer of the original asset; and (b) the income from such residential house, other than the one residential house owned on the date of transfer of the original asset, is chargeable under the head "Income from house property":]" The primary issue under consideration is whether the assessee was eligible for the exemption under Section 54F, given that she owned more than one residential house, other than the new asset, on the date of transfer of the original asset. Chronological Events Related to the Sale of Shares of "Ascent Health & Wellness Solution Pvt. Ltd." (AHWSPL) and the claim of Exemption under Se ..... X X X X Extracts X X X X X X X X Extracts X X X X
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