9911796707
TMI Blog2013 (4) TMI 607X X X X Extracts X X X X X X X X Extracts X X X X ..... the immediately preceding two years the assessee has failed to substantiate her claim with regard to the nature of land and its user in the immediately preceding two years - AO was justified in rejecting the claim of exemption u/s 54B. Amount invested in Capital Gains Account scheme - whether would be taken at Rs.47 lakhs as per AO or actual investment of Rs.55 lakhs - Held that:- The assessee claims that he has invested a sum of Rs.55 lakhs in the Capital gain Account scheme in two instalments viz., Rs.47.00 lakhs and Rs.8.00 lakhs. It appears that the deposit of Rs.47 lakhs was made in connection with the claim made u/s 54F and the deposit of Rs.8.00 lakhs was made in connection with the claim made u/s 54B. Under these circumstances, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , Shri Suresh Babu gifted the property acquired by him by way of gift from his father, viz., 57 cents and 47 aquare links, in favour of his nieces viz., Ms. Archana Mohan, the assessee herein and Ms. Anjana Mohan. Since they were minors at that point of time, Shri Suresh babu executed a trust deed and appointed their parents viz., Shri V.K.Mohan and Smt. Shyamala Kumari as trustees with the condition that the trustees shall hold the property in trust and for the benefit of the beneficiaries viz., Ms. Anjana Mohan and Ms. Archana Mohan. Further they should transfer the trust property in equal shares in favour of the beneficiaries upon their attaining majority. Thus, the assessee herein and her sister got rights over 28.5235 cents each over t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 07.2005. Similarly, reference to the settlement deed executed by Shri V.K.Mohan on 08.06.2005 (subsequent to 28.05.2005) in favour of the assessee herein, also finds place in page 3 of the sale deed. All these facts show that the date of execution of sale deed cannot be 28.05.2005, as mentioned in the conveyance deed. Under these set of facts, the date of execution of sale deed could be some time between 13.07.2005 (Date of execution of Power of Attorney) and 17.8.2005 (the date of registration). 6. The assessee herein declared long term capital gains on sale of 28.5235 cents of land after claiming exemption in respect of deposit made in the Capital gain account scheme. It is pertinent to note here that the investments prescribed in sec. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r of the assessee. Before us, the assessee has mainly challenged the issue relating to rejection of exemption u/s 54B of the Act. According to the assessee, the impugned land having an extent of 28.5235 cents of land was a coconut garden and hence it was an agricultural land. Accordingly, it was contended that the assessee is entitled to exemption u/s 54B of the Act in respect of the investment made in purchase of another agricultural land. 10. It is pertinent to note that the assessee herein held the impugned land jointly along with her elder sister, Ms. Anjana Mohan. It is also pertinent to note that Ms. Anjana Mohan did not claim the impugned land as an agricultural land. Under these circumstances, we are unable to understand as to how ..... X X X X Extracts X X X X X X X X Extracts X X X X
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