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TMI Blog2015 (4) TMI 1176X X X X Extracts X X X X X X X X Extracts X X X X ..... bout the issue of investment in capital gains accounts scheme amounting to 6,10,000/- and 40,00,000/- and advance paid for the purchase of property. It means that the Assessing Officer has not given any comments regarding this issue. Being so, in our opinion, it is appropriate to remit this issue back to the Assessing Officer, as there is violation of Rule 46A. Accordingly, we remit the issues for fresh consideration with regard to investment in capital gains accounts scheme and the advance paid for the purchase of property back to the Assessing Officer, as he has only considered the investment in flat Nos. 607 & 612, Altamount Road, Cumballa Hills, for which the assessee has already claimed deduction u/s.54F for assessment year 2008-09 and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of ₹ 9,13,665/- (0.5% of average value of investment = 0.5 x 18,27,33,000/- (investment in mutual funds was disallowed by the Assessing Officer on the reason that the expenditure incurred by the assessee in relation to income, which does not form part of the total income under the Act. For the assessment year 2009-10, the Assessing Officer has disallowed the exemption of ₹ 15,79,907/- claimed u/s.10(34) on the reason that the assessee has not incurred any expenditure towards earning this dividend income. Aggrieved on the above addition, the assessee went in appeal before the Commissioner of Incometax( Appeals). 4. On appeal, the Commissioner of Income-tax(Appeals) deleted the addition on the reason that no expenditure is incur ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ills, Mumbai - 26 - Purchased from Smt. Anjali Taraporevala on - 23.5.2006. According to the Assessing Officer, the assessee was in possession of more than one residential unit, which are purchased in two different dates i.e. 23.5.2006 and 16.1.2007, as on date of transfer of long term capital assets. These two flats are not registered on the same day and not in a single document. The second property was purchased by the assessee at an interval of more than 7 months. There are two separate documents in the name of the assessee, which denotes that the assessee is the owner of two properties as on the date of transfer of capital assets. Moreover, the assessee claimed deduction u/s.54F of the Act for purchase of both the residential flats in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... xation at ₹ 49,24,780/-. Since the assessee has constructed residential house within 3 years from the date of investment in capital gains accounts scheme, he claimed exemption u/s.54F of the Act to the extent of capital gains utilized in purchasing of land and construction completed thereon. Regarding these facts, the Commissioner of Incometax( Appeals) called for remand report and the same was submitted by the Assessing Officer vide remand report dated 31.7.2012. Later, a second remand report dated 13.8.2012 was also submitted by the Assessing Officer, which was considered by the Commissioner of Income-tax(Appeals). 9. In the remand report, it was stated by the Assessing Officer that the transfer of assets involving financial transa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing to the Assessing Officer, the second condition for disallowance is that the assessee should have invested in a residential house. The Assessing Officer states that as per deduction of claim u/s.54F, the assessee could invest either in purchase of residential property one year prior to the date of transfer or 2 years after the date of transfer or construct house within 3 years after the date of transfer. In the assessee's case the Assessing Officer states that the assessee has utilized the amount in agricultural land located at Dhokawade Village, Alibag, Taluka of Rajgad District, which is evident from the document describing the property as 'pieces and parcels' of agricultural land. The Assessing Officer also pointed out that the assess ..... X X X X Extracts X X X X X X X X Extracts X X X X
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