2020 (5) TMI 87

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... neficial provision and the Hon ble Courts have held that the beneficial provision should be construed liberally, deem it fit and proper to admit assessee s claim of deduction u/s 54F of the Act and remand the issue to the file of the AO with a direction to consider the eligibility of the assessee for deduction u/s 54F and allow the same if the assessee satisfies the conditions. The assessee is directed to produce all the necessary evidence before the AO and cooperate with the AO for early completion of the assessment - Assessee s appeal is partly allowed for statistical purposes.
Smt. P. Madhavi Devi, Judicial Member For the Assessee : Smt. S. Sandhya, AR. For the Revenue : Sh. A.C. Rout, D.R. ORDER This is assessee's appeal for A.Y. .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ration received, he has constructed first floor on the existing ground floor at house bearing H.No.8-43/8/S/3, Balaji Hills, Boduppal, Hyderabad, for which the assessee had claimed exemption from payment of tax on long term capital gain as he was holding only one house property apart from the one house he has sold. Since the assessee failed to disclose capital gain on the original return of income and as there was no claim of deduction u/s 54F of the Act in the original return, and the assessee failed to file the revised return of income, the AO held that the claim of exemption u/s 54F is not acceptable. The AO, accordingly, brought the long term capital gain of ₹ 15,47,244/- to tax. 3. Aggrieved, assessee preferred an appeal before .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... of the I.T. Act. 7) The learned Commissioner of Income-Tax (Appeals) erred in confirming levy of interest u/s 234A and 234B of the I.T.Act. 8) Any other ground that may be urged at the time of hearing. 5. The Ld.Counsel for the assessee, while reiterating the submissions made before the authorities below, submitted that the assessee had all the required information to substantiate his claim of deduction u/s 54F of the Act in his possession and prayed for an opportunity to produce the same. Ld.Counsel submitted that though the assessee had not claimed deduction u/s 54F of the Act before the AO, but since the capital gain has been brought to tax, he raised the claim u/s 54F before the AO but it was disallowed on the ground that it was .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X