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TMI Blog2019 (1) TMI 1202X X X X Extracts X X X X X X X X Extracts X X X X ..... fficer to adopt the cost of acquisition at ₹ 10,360/-. In view of the admission of assessee, there is no merit in the ground of appeal raised by assessee in this regard. Hence, the same is dismissed. Claim of deduction u/s 54F - non deposit to an account of specified bank or institution - Held that:- The assessee is not entitled to the claim of deduction under section 54F of the Act as the assessee has failed to deposit the unutilized amount of capital gains in the capital gains scheme account by the date of filing of return of income. - Decided against assessee. - ITA No.645/PUN/2018 - - - Dated:- 21-1-2019 - Ms. Sushma Chowla, JM And Shri Anil Chaturvedi, AM For the Appellant : None For the Respondent : Shri Rajesh G ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... acquisition of the property as on 01.04.1981. 5. Briefly, in the facts of the case, the assessee had filed original return of income of income on 30.07.2013 declaring income at ₹ 2,42,617/-. For the year under consideration, the assessee had sold his land at Balewadi, Tal. Haveli, Pune Dist. on 27.09.2012. The assessee had shown the cost of acquisition of the said property as on 01.04.1981 at ₹ 3,59,648/-, whereas the Assessing Officer had adopted at ₹ 10,360/-. 6. The perusal of assessment order reflects that the assessee had admitted before the Assessing Officer to adopt the cost of acquisition at ₹ 10,360/-. In view of the admission of assessee, there is no merit in the ground of appeal raised by assessee in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 77; 33,48,003/- [33,85,130/8048041x7959774]. Further, the assessee has also claimed an amount of ₹ 11,56,606/- as deduction under section 54F of the Act on account of deposit to an account of specified bank or institution. As per the provisions of section 54F(4) of the Act, the amount of net consideration which was not appropriated by the assessee towards the purchase of new asset made within one year before the date on which the transfer of the original asset took place, or which was not utilized by him for the purchase or construction of the new asset before the date of furnishing the return of income under section 139 of the Act, shall be deposited by him before furnishing such return. Such deposits being made in any case not later ..... X X X X Extracts X X X X X X X X Extracts X X X X
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