9911796707
TMI Blog2013 (4) TMI 293X X X X Extracts X X X X X X X X Extracts X X X X ..... ing the deduction u/s 54 and granting the deduction u/s 54F & has also confirmed the denial of the benefit of indexation cost of value as on 1.4.1981 as well as the claim with respect to the expenses for improvement/repairs. As regards the Fixed Deposits of Rs. 1.25 crores in the capital gain account, CIT(A) has allowed the claim of deduction u/s 54F in this respect. Thus,allowing part claim of the assessee and the demand is arising in respect of denial of the benefit of indexation cost valued as on 1.4.1981 and the expenses incurred for repairs and improvement of the property. Since these issues require an elaborate discussion and consideration at the time of hearing of the appeal of the assessee and therefore these are debatable iss ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... roperty was purchased and built by her great-great grandfather in or around 1986, who died in the year around 1912 leaving his wife, sons and daughter. The executors of the probated will of the great-great grandfather vested the property left by him including the aforesaid premises in question in a Trust in which the assessee's great-grandfather and grandfather were beneficiaries. After the demise of the grandfather in the year 1970, his wife inherited the premises and after her demise in the year 1998, the assessee/petitioner inherited the premises along with her aunt (grandmother's second daughter) as per the grandmother's will. 3.1 In the year 2008, the assessee surrendered her right to reside in the premises for a consideration of Rs. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee has further submitted that the Assessing Officer, after giving effect to the order of the CIT(A) has attached the saving bank account and Fixed Deposit account of the assessee vide order dated 31.7.2012. Apart from the assessee's bank account and FD account, the Assessing Officer has also attached the saving bank and FD account of the assessee's aunt Ms Tehmin Cassinath as well as the saving bank account of Matheran Sanatorium Trust. The ld AR has filed a chart showing the details of the account and the amount attached by the Assessing Officer against the demand in question. He has further submitted that after the attachment of the bank account, the assessee is unable to operate the same even the aunty of the assessee also could no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e as on 1.4.1981 as well as the claim with respect to the expenses for improvement/repairs. 4.1 As regards the Fixed Deposits of Rs. 1.25 crores in the capital gain account, the Commissioner of Income Tax(Appeals) has allowed the claim of deduction u/s 54F in this respect. Thus, the ld Commissioner of Income Tax(Appeals) allowed part claim of the assessee and the demand is arising in respect of denial of the benefit of indexation cost valued as on 1.4.1981 and the expenses incurred for repairs and improvement of the property. 4.2 Since these issues require an elaborate discussion and consideration at the time of hearing of the appeal of the assessee and therefore, we find that these are debatable issues, which has to be decided after th ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
