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TMI Blog2018 (12) TMI 908X X X X Extracts X X X X X X X X Extracts X X X X ..... e of the assessee, no deduction under the said provisions can be claimed. Thus in the present case since the purchase of new property/flat is in the name of assessee’s wife and adult daughter and not in assessee’s own name, the assessee is not eligible to claim deduction under section 54 of the Act - decided against assessee. - ITA No. 7451/Mum/2017 - - - Dated:- 30-11-2018 - Shri Saktijit Dey, Judicial Member For The Appellant : None For The Respondent : Shri S.K. Bepari ORDER Per Saktijit Dey, JM This appeal filed by assessee is directed against the order of the Commissioner of Income Tax (Appeals)-33, Mumbai dated 18.07.2017 and it relates to A.Y. 2006-07. 2. There is a delay of 80 days in filin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessee being 50% of the net long term capital gain. Being aggrieved by the aforesaid decision of the AO, the assessee preferred appeal before the learned CIT(A). In the course of hearing of the appeal before the First Appellate Authority the assessee made two fold submissions. Firstly, it was submitted that the AO has wrongly allowed benefit of cost of acquisition at ₹ 67,000/- by relying upon the DVO report whereas the cost of acquisition as per the valuation report of the Registered Valuer should be allowed at ₹ 3,85,000/-. The second submission made by the assessee was that since the capital gain derived by the assessee was invested in purchase of new flat/residential house the benefit under section 54 of the Act should be a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eing aggrieved by the aforesaid decision of the learned CIT(A) the assessee is before the Tribunal. 5. Pertinently, instead of engaging a counsel or appearing in person for representing his case, the assessee has chosen to file a written submission by letter dated 10.04.2018 and has requested disposal of his appeal on the basis of the written submissions. 6. The learned Departmental Representative (D.R.) relying upon the observations of the learned CIT(A) as well as the decision of the Hon'ble Bombay High Court in the case of Prakash (supra) submitted, the assessee having invested the capital gain in a house property purchased in the name of his wife and adult daughter, is not eligible for deduction under section 54 of the Act. 7. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in has to be purchased in the name of the assessee. He submitted, the provision only requires the assessee to invest the capital gain in purchase of a new house property. Thus, he has submitted, if the assessee can demonstrate that the investment in purchase of a new property, even though in the name of wife, was made by the assessee from the capital gain, conditions of section 54 will be fulfilled. In support of his contention though the assessee has relied upon certain judicial precedents, however, relevant citations have not been provided in the written submission. Be that as it may, while considering more or less identical issue relating to the claim of deduction under section 54F of the Act, the Hon'ble Bombay High Court in the cas ..... X X X X Extracts X X X X X X X X Extracts X X X X
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