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TMI Blog2015 (12) TMI 133X X X X Extracts X X X X X X X X Extracts X X X X ..... ered opinion that the issue of computation of capital gains as well as the deduction u/s 54B and 54F is required to be reconsidered along with the case of Smt.Kaveramma. Accordingly, the matter is set aside to the record of the AO for de novo consideration of the matter in the light of the fact as discussed above and the additional evidence filed by the assessee - Decided in favour of assessee for statistical purposes. - ITA No.357/Bang/2015 - - - Dated:- 9-10-2015 - SHRI VIJAY PAL RAO, JUDICIAL MEMBER AND SHRI JASON P BOAZ, ACCOUNTANT MEMBER For The Appellant : Smt. Pratibha, Advocate. For The Respondent : Shri P.K.Srihari, Addl.CIT(DR) ORDER Per VIJAY PAY RAO, JM : This appeal by the assessee is directed again ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... appreciated that the assessment concluded in her case by AO has taken a different view. Hence, the disallowance made in the hands of the Appellant has to be deleted. 7) The learned CIT(A) erred in confirming the addition made towards the legitimate incident expenses from income earned 8) Without prejudice, the additions/ disallowances as upheld are arbitrary, excessive and out to be deleted in toto. 9) The CIT(A) erred in upholding the interest u/s.234B of the Act which is liable to deleted. 10) For these and such other grounds that may be urged at the time of hearing, the Appellant prays that the appeal may be allowed. 3. The assessee is a Karta of an HUF and filed return of income for the assessment year unde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng from the transfer of the property as STCG as well as the entire income was assessed in the hands of the assessee-HUF. 4. We have heard learned AR of the assessee as well as the learned departmental representative and considered the relevant material on record. As regards the property bearing survey No.77, Panathur village, Varthur Hobli, Bangalore East, the AO has recorded the facts in paras.7 and 8 as under: 7. The members of the HUF are: 1. Sri. B Veerappa, Kartha of HUF 2. Smt. Shanta Veerappa, Wife 3.Snit Shipki Sunil, Daughter 4. Sri. Shashank Son. The person at Sl. No.3, Smt. Shipki Sunil is the daughter of Sri. B Veerappa, who is already married and living with her husband. The subjected ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... virtue of the compromise deed and order of the Civil Court dated 16/4/2007. On perusal of the settlement/compromise deed and consequential order of the Principal City Civil Sessions Court, it is clear that in the said compromise proceedings, Smt. Kaveramma confirmed and ratified the sale of the property at survey No.77, Panathur village, Varthur Hobli, Bangalore East, in favour of one Ramachandra, defendant No.2 in the said suit proceedings before the Principal City Civil Sessions Court. Thus by virtue of the settlement/compromise in the court proceedings, no new title or any right in the said property was acquired by the assessee before us. Further, it appears that the property in question belongs to the larger HUF consisting of the fa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... utation of total income for the year ended 31/03/2008 relevant to the AY 2008-09 along with the original return of income filed on 1/12/2009, it is observed from the computation of total income that the assessee has declared capital gains for having received the consideration in respect of two properties situated at Survey No.77, Panathur Village, Varthur Hobli, Bangalore East. The total area is 2 acres and 30 guntas for consideration ₹ 1,30,00,000/- and the another property vide survey No.112, Panathur village, Varthur Hobli, Bangalore East. The total area is 2 acres and 7 guntas for a consideration of ₹ 1,36,00,000/- and claimed exemption u/s 54B to the extent of ₹ 10,71,695/- and 54F to the extent of ₹ 85,16,110/- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iii) Copy of return of income filed in the hands of HUF for AY 2013-14. iv) Copy of intimation u/s 143(1) of the Act for AY 2013-14 in appellant s case. The documents filed by the assessee, being additional evidence, are very much relevant and crucial for adjudicating the matter of assessment of capital gain in the hands of the assessee. In view of the above facts and circumstances of the case as well as the observations made in the foregoing paragraph we are of the considered opinion that the issue of computation of capital gains as well as the deduction u/s 54B and 54F is required to be reconsidered along with the case of Smt.Kaveramma. Accordingly, the matter is set aside to the record of the AO for de novo consideration of th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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