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TMI Blog2015 (12) TMI 344X X X X Extracts X X X X X X X X Extracts X X X X ..... ard the parties and perused the record. During the year under consideration, the assessee sold following assets and claimed exemption u/s 54 of the Act as detailed below:- I .T.A. No.6361/M/2011 2 "2.2 During the year under consideration, the assessee had sold certain properties and computed the long term capital gains as under : 1. On sale of FSI Rs..2,31,69,247/- 2. On sale of RH No/16 Madhuban CHS Ltd Rs..19,40,399/- 3. On sale of land at Indore Rs.4,09,934/- Long Term Capital Gains Rs..2,55,19,581/- Less: Investment u/s 54 Purchase of Residential House At B-3, Styanand, Thane Rs. 42,13,760/- Add: Cost of improvement Rs..9,59,270/- Less : Exemption ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... se purchased at B-3 Satyanand, Thane. The Ld CIT(A) also confirmed the same and hence the assessee has filed this appeal before us. 5. On a careful perusal of the orders passed by the tax authorities, we notice that the assessee as well as the tax authorities has not properly applied the provisions of sec. 54 and 54F. The discrepancies/fallacies noticed by us are listed out below:- (a) In the grounds of appeal, the assessee is claiming that the exemption u/s 54 of the Act was denied, which resulted in an addition of Rs. 2,40,79,181/-. However, in the return of income, total deduction claimed was only Rs. 46,73,030/-. (b) The deduction allowed u/s 54 and 54F is property specific. Hence, we are unable to understand as to how the assessee a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e answer to the above said question will determine the eligibility of the assessee to claim deduction u/s 54F of the Act. (e) The assessee has sold a flat located at RH No.16, Madhuban CHS Ltd. The date of sale of the above said flat was not brought on record. Similarly, the dates of sale of FSI and land were also not brought on record. The eligibility of the assessee to claim deduction u/s 54F should be ascertained as per the number of residential houses available on the date of sale of the long term capital asset other than the residential house property. Hence, the date of sale of the above said assets is crucial to determine the eligibility of the assessee to claim deduction u/s 54F of the Act. (f) The deduction u/s 54 should be allow ..... X X X X Extracts X X X X X X X X Extracts X X X X
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