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TMI Blog2015 (10) TMI 792X X X X Extracts X X X X X X X X Extracts X X X X ..... Officer to verify the claim of the assessee and allow the claim in accordance with the law which, in turn, has been found to be admissible. Thus, there is no infirmity in the order of the learned Commissioner (Appeals) and accordingly we do not find any merits in the ground raised by the Revenue and, therefore, the same is dismissed. - Decided against revenue. - ITA No. 2024/Mum./2011 - - - Dated:- 31-7-2014 - Shri Sanjay Arora And Shri Amit Shuklau,JJ. For the Petitioner : Shri Pitambar Das For the Respondent : Shri K. R. Lakshminarayann ORDER Per Amit Shukla, J.M. The present appeal has been preferred by the Revenue challenging the impugned order dated 13th December 2010, passed by the learned Commissioner (Appea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h June 2009. However, till the finalisation of the assessment under section 143(3), no report from the DVO was received. Under the circumstances, the Assessing Officer determined the value of the property as on 10th July 2006 under section 50C of the Act as per the stamp duty ready recknor which was at ₹ 43,77,29,200. As regards the fair market value of the property as on 1st April 1981, the Assessing Officer computed the same at ₹ 1,32,67,520, based on Indian valuer s dictionary and reference book. Accordingly, he worked out the long term capital gain at ₹ 36,61,88,692, in the following manner: FMV of the land as on 1.4.1981 ₹ 1,37,84,353 Indexed cost of acq ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l ground was raised by the assessee that deduction under section 54F should be allowed, as the assessee has invested part of the said amount of capital gain on a purchase of a flat on 8th January 2007 for ₹ 56 lakhs. This was made on the ground that in the return of income, long term capital gain was in negative figure and, therefore, such a claim of 54F, was not made. Now that there is a positive income under the computation of long term capital gain, the deduction under section 54F, should be allowed. The learned Commissioner (Appeals) accepted the assessee s additional ground and directed the Assessing Officer to verify the assessee s contention and allow the deduction under section 54F. The relevant direction of the learned Commis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that in pursuance of such a direction of the learned Commissioner (Appeals), the Assessing Officer, vide order dated 15th June 2011, has allowed the deduction under section 54F @ ₹ 53,01,991. Therefore, the assessee s claim has been found to be correct. 9. After carefully considering the rival submissions and also on perusal of the material placed on record, we find that insofar as the assessee s claim for deduction under section 54F is concerned, the same has been found to be admissible by the Assessing Officer in the order giving effect to the learned Commissioner (Appeals). As regards the submissions of the learned Departmental Representative, we do not find any merit, firstly, because, the learned Commissioner (Appeals) is empo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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