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TMI Blog2019 (2) TMI 520X X X X Extracts X X X X X X X X Extracts X X X X ..... how the DVO's report is not correct. No infirmity in the order of the Ld. CIT(A) to adopt the market value as per the DVO's report. Further, Ld. CIT(A) has allowed deduction u/s 54F of the Act. As the assessee in accordance with the provisions of section 54F of the Act amount was deposited in the capital gain account and so utilized there from within the time frame as prescribed under the law, th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Whether on the facts and in the circumstances of the case, Ld. CIT(A)-III, Indore was justified in deleting the addition by ignoring the finding of the A.O. that the assessee failed to provide details of utilization of amount withdrawn from capital gain sheme fund as prescribed under Capital Gain Account Scheme, 1988. 3. The appellant reserves the right to add, amend or alter the ground of a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... capital gain of ₹ 31,90,952/- and claimed exemption u/s 54F of the Act of ₹ 1,31,00,044/-. The A.O. further observed that the market value of the property was at ₹ 4,01,77,000/- as per stamp valuation authority. The A.O. therefore made addition of ₹ 1,26,77,000/-. Further, the A.O. also made disallowance of exemption claimed u/s 54F of the Act of ₹ 1,31,00,044/- and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is not justified in deleting the additions. 5. On the contrary, Ld. Counsel for the assessee reiterated the submissions as made in the written submissions and submitted that there is no infirmity in to the order of the Ld. CIT(A). The Ld. CIT(A) has adopted the market value as per the DVO's report and further, the assessee had since fulfilled all the conditions for entitlement of deduction ..... X X X X Extracts X X X X X X X X Extracts X X X X
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