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TMI Blog2020 (3) TMI 176X X X X Extracts X X X X X X X X Extracts X X X X ..... I HIGH COURT] - Also see SHRI KAMAL WAHAL [ 2013 (1) TMI 401 - DELHI HIGH COURT] The issue is squarely covered by the above decisions of the Hon ble Delhi High Court relied upon by the Learned Counsel for the Assessee. since the entire sale amount of long term capital gain have been invested in purchase of other property in the name of wife of assessee, assessee would be entitled for exemption on account of long term capital gains. In this view of the matter, we set aside the Orders of the authorities below and delete the entire addition. The A.O. is directed to allow exemption of assessee. - ITA.No.8478/Del./2019 - - - Dated:- 2-3-2020 - Shri Bhavnesh Saini, Judicial Member And Dr. B.R.R. Kumar, Accountant Member For the Asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Court in the case of CIT, Faridabad vs Dinesh Verma in ITA No. 381 of 2014 dated 06.07.2015, wherein it was held that the assessee is not entitled to the benefit conferred under section 54B if the subsequent property is purchased by a person other than the assessee, including his close related even such as wife and children. The A.O. denied the exemption under sections 54/54F of I.T. Act, 1961, to the assessee and made addition of ₹ 1,42,23,431/-. 3. The assessee challenged the addition before the Ld. CIT(A). The same submissions were reiterated before the Ld. CIT(A) and it was submitted that the case of the assessee is covered by the Judgment of the Hon ble jurisdictional Delhi High Court in the case of CIT vs., Kamal Wahal 351 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s a well accepted principle that there can be only one Assessing Officer in respect of a case. At the point of time when the present appeals were filed, the Assessing Officer insofar as all the cases of the respondent were concerned, was the Assessing Officer at Delhi. The fact that the Amritsar Bench of the Tribunal had passed the impugned orders or the fact that the initial assessment orders were passed by the Assessing Officer at Jammu would not be relevant for the purposes of determining the jurisdiction of the court at the point of time at which an appeal under Section 260-A of the said Act is filed. It is the date on which the appeal is filed which would be the material point of time for considering as to in which court the appeal is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fe. 10. Having regard to the rule of purposive construction and the object which Section 54F seeks to achieve and respectfully agreeing with the judgment of this Court, we answer the substantial question of law framed by us in the affirmative, in favour of the assessee and against the revenue. The appeal is accordingly dismissed with no order as to costs. 4.2. He has also relied upon the Judgment of the Hon ble Delhi High Court in the case of CIT vs., Ravinder Kumar Arora [2012] 342 ITR 38 (Del.) in which it was held as under : Whether the exemption under Section 54F is extendable to the assessee for the total consideration paid by him, for the purchase of the new asset (the residential property) in the joint name or the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... low the Judgments of the Hon ble Delhi High Court. The jurisdiction in the case of assessee since transferred to Delhi even at the first appellate stage, therefore, the jurisdiction lies with the Hon ble Delhi High Court. The issue is squarely covered by the above decisions of the Hon ble Delhi High Court relied upon by the Learned Counsel for the Assessee. since the entire sale amount of long term capital gain have been invested in purchase of other property in the name of wife of assessee, assessee would be entitled for exemption on account of long term capital gains. In this view of the matter, we set aside the Orders of the authorities below and delete the entire addition. The A.O. is directed to allow exemption of assessee. 7. In th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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