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TMI Blog2013 (12) TMI 592X X X X Extracts X X X X X X X X Extracts X X X X ..... d Shri Mehar Singh,JJ. For the Appellant : Shri Daljit Singh Chhabra For the Respondent : Shri N. K. Saini ORDER Per Sushma Chowla, JM. These appeals by the assessees are against the order of CIT(A), Panchkula dated 22.9.2010 and 16.11.2011 relating to assessment year 2007-08 against the order passed under section 143(3) of the I.T. Act, 1961. 2. Both the appeals relating to husband and wife, both co-owner of the propert y involving the same issue were heard together and are being disposed off by this consolidated order for the sake of convenience. Common grounds of appeals have been raised by both the assessees, which read as under:- 1. That the Ld. Commissioner of Income Tax (Appeals) has erred in law as well as on fa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... id Rs. 10 lakhs from Saving Account with IC IC I Bank and Rs. 10,76,250/- from Saving account with Centurion Bank of Punjab and Rs. 20,00,000/- from the Housing Loan raised from LIC Housing Finance Ltd. The stamp dut y of Rs. 2,85,360/- was paid in cash out of withdrawals from Centurion Bank of Punjab. The Assessing Officer noted that in order to avail the benefit u/s 54 of the Income Tax Act, the assessee had earned long term capital gain of Rs. 23,72,154/- ( share). However, the assessee had utilized onl y a sum of Rs. 23,61,550/-(full share) in the purchase of the new asset along with his wife and the remaining amount of sale consideration as well as capital gain was invested in the purchase of FDRs etc. and was not utilized for the pu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sale consideration was utilized for the purchase of new asset i.e House no. 1008, Sector 11, Panchkula, which was purchased for a total consideration of Rs. 43,61,610/-. The source of investment in the said new asset was partl y out of the sale proceeds received from the sale of old asset and Rs. 20 lakhs from the housing loan raised by co-owners from LIC Housing Finance Ltd in December 2006. The assessee had claimed the deduction u/s 54 of the Act on account of investment in the said residential house in Sector 11, Panchkula. 6. Under the provisions of Section 54 of the Income Tax Act, the assessee is entitled to the benefit of exemption from capital gains arising form transfer of a residential asset where it invested the capital gains ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rked its funds in FDRs with banks, of sale proceeds of the old assets and having utilized housing loan for the purchase of new asset, does not disentitle the assessee from the benefit of exemption u/s 54 of the Act. In view thereof, we find no merit in the orders of the authorities below and reversing the same, we delete the addition of Rs. 11,91,379/- made in the hands of each of the assessee. 8. The assessee had filed an application for admission of additional evidence which was not referred to by the Ld. AR for the assessee during the course of hearing and hence the same are not admitted. 9. Further in the case of Mrs Neha Abrol, the assessee had filed an application under Rule 11 of the Income-tax Appellate Tribunal Rules for admi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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