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TMI Blog2019 (9) TMI 1257X X X X Extracts X X X X X X X X Extracts X X X X ..... ld be purchased exclusively in his name. Claiming exemption under section 54(1) of the Act deals with transfer of a long term capital asset being building or lands appurtenant, whereas, section 54F of the Act deals with transfer of any long term capital asset not being a residential house, but both are coming under computation of income from capital gains. From the observations of the Assessing Officer, it is evident that he has not appreciated the complete findings given The issue is covered in favour of the assessee by the decisions of CIT v. Kamal Wahal [ 2013 (1) TMI 401 - DELHI HIGH COURT] , CIT v. V. Natarajan [ 2006 (2) TMI 136 - MADRAS HIGH COURT] , CIT v. Gurnam Singh [ 2008 (4) TMI 28 - PUNJAB AND HARYANA HIGH COURT] and more ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . Durairaj Kandiar, CA Respondent by : Shri Clement Ramesh Kumar, Addl.CIT ORDER PER DUVVURU RL REDDY, JUDICIAL MEMBER: This appeal filed by the assessee is directed against the order of the ld. Commissioner of Income Tax (Appeals) 1, Trichy, dated 27.11.2018 relevant to the assessment year 2014-15. In the grounds of appeal, the assessee has challenged the order of the ld. CIT(A) on confirmation of both income from long term capital gains and short term capital gains. 2. Brief facts of the case are that the assessee is an individual and filed her return of income for the assessment year 2014-15 on 23.02.2016 admitting income of ₹ 3,57,400/-. As ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4. On the other hand, the ld. DR strongly supported the orders of authorities below. 5. We have heard both the sides, perused the materials available on record and gone through the orders of authorities below. On examination of SB account standing in the name of Dr. M. Ayyasamy, A.Vijayakumari in lOB, Pattukottai, the Assessing Officer observed that major portion of sale consideration received on transfer of original asset of ₹ 41,68,880/- through DD dated 14.09.2013 has been credited in this bank account on 19.09.2013. The closing balance available as on 31.03.2014 of this bank account was shown in the balance sheet of assessee's husband and therefore, it is considered that this bank account is related ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the case law quoted by the assessee supra, the entire purchase consideration was paid only by the assessee and not a single penny was contributed by the assessee's wife. Therefore, the assessee cannot claim that the entire purchase consideration in the new asset was paid only by her for claiming exemption under section 54 of the Act. Further, the assessee in the return has claimed exemption under section 54 of the Act and not under section 54F of the Act dealt in the case law quoted by the assessee. Accordingly, the Assessing Officer was of the opinion that the case law quoted by the assessee is not having any relevant to the assessee s case, determined and levied the long term capital gain tax. On appeal, the ld. CIT(A) confirmed the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... purtenant, whereas, section 54F of the Act deals with transfer of any long term capital asset not being a residential house, but both are coming under computation of income from capital gains. From the observations of the Assessing Officer, it is evident that he has not appreciated the complete findings given in the case of CIT v. Kamal Wahal (supra), wherein, the Hon ble Delhi High Court has observed as under: This court in the decision cited alone also noticed the judgement of the Madras High Court (supra) and agreed with the same, observing that though the Madras case was decided in relation to section 54 of the Act, that section was in pari materia with section 54F. The judgement of the Punjab and Haryana High ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion of the assessee was not tenable in view of the provisions of section 50C(1) of the Act and accordingly, the Assessing Officer adopted ₹ 6,55,500/- as fair market value under section 50C of the Act and assessed the taxable short term capital gain. 6.1 We have considered the rival submissions. Admittedly, the provision of section 50C(1) of the Act reads as where the consideration received or accruing as a result of the transfer by an assessee of a capital asset, being land or building or both, is less than the value adopted or assessed or assessable by any authority of a State Government [i.e., stamp valuation authority] for the purpose of payment of stamp duty in respect of such transfer, the value so adopted or ass ..... X X X X Extracts X X X X X X X X Extracts X X X X
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