9911796707
TMI Blog2020 (4) TMI 225X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Appellant's case and in law, the Honorable Commissioner of Income Tax (Appeal)-12, Ahmedabad, has erred in confirming disallowance made by the Ld AO of exemption to the extent of Rs. 7,00,000/- u/s 54B of the Act claimed in the return of income, on the ground that amount of Rs. 7,00,000/- has been paid for purchase of new capital asset before the date of transfer of original capital asset. Your appellant submits that aforesaid payments of Rs. 7,00,000/- are in respect of the land (new asset) purchased after the date of transfer of the original asset. While these payments of Rs. 7,00,000/- were made before transfer of the original assetf i.e. asset being sold),it is submitted that the requirement of 54B is to purchase new asset w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ct was carried on 9th Jan, 2013 in Rashmikant Bhatt Group cases including the case of the assessee. During the course of assessment, the assessing officer noticed that assessee has shown capital gain of Rs. 57,17,538/- from sale of Dharapura land and same was claimed as exempt u/s. 54B of the act. On verification, the assessing officer noticed that assessee has claimed exemption u/s. 54B of the act on purchasing of the new agricultural land at Kanzat. The assessing officer has further noticed from the detail of payment made towards purchase of the said agricultural land furnished by the assessee at the time of assessment proceedings that assessee had made payment of Rs. 7 lacs towards purchase of said land before the date of sale of Dharapu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... We have heard both the sides and perused the material on record carefully. It is noticed that assessee has shown capital gain of Rs. 57,17,538/- from sale of Darapura land and claimed full amount of sale consideration exemption u/s. 54B of the act to the amount of Rs. 57,17,538/- . During the course of assessment proceedings, the assessing officer has asked the assessee to file the supporting evidences with respect to the claim of exemption u/s. 54B of the act. As per the submission made before the assessing officer, the assessee has given full detail of payment made by cheques on different dates for purchase of the new agricultural land. On verification of the detail filed by the assessee, the assessing officer observed that a payment to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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