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TMI Blog2020 (6) TMI 319X X X X Extracts X X X X X X X X Extracts X X X X ..... T(A) and the date of sale / transfer of the capital asset on which the capital gain has arisen is 28.08.2015 / 30.09.2015 and therefore, the purchase of residential house is within the period of one year before the date of transfer and therefore, deduction under section 54F is allowable. To what extent the deduction is allowable to the assessee because the residential house was acquired by the assessee jointly with his daughter - How much amount was invested by the assessee and how much amount was invested by his daughter for acquiring this new residential house property? - CIT(A) has held that even if deduction is allowed to the assessee under section 54F of the Income Tax Act, 1961, the deduction allowable cannot be more than 50% of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 30000 equity shares of Ficus Pax Limited for ₹ 2,40,50,000 and claimed the benefit of exemption u/s 54F against the purchase of a villa on 16-07-2015 for ₹ 1,48,49,300. 3. The Appellant submitted all documents and information called for and furnished a written submission with complete details of calculation. 4. The Order of the Learned Assessing Officer, in so far as it is against the Appellant is opposed to law, equity, weight of evidence, probabilities, facts and circumstances of the case. 5. The Learned Assessing Officer has erred in concluding that the Appellant has not complied with the conditions laid down in section 54F to claim the exemption thereunder. Hence the addition of ₹ 2,28,31,262 disal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessee was already completed. He also pointed out that para 4.2 of the sale deed is reproduced by learned CIT(A) in which it is stated that the developers have completed the construction and have delivered the purchasers actual, physical, vacant possession of Schedule C Villa and before taking the possession, the purchasers have inspected and satisfied as to completion of all the works in Schedule A Property including in the Schedule C Villa . He submitted that as per averment in the sale deed, it is clear that it is a case of purchase of property and not construction of the property and hence, learned CIT(A) is not justified in rejecting the claim of the assessee as per para 5.1 of his order on this basis that it is a case of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... it is noted by learned CIT(A) that date of sale deed of new asset is 16.07.2015 and date of completion of construction as claimed by the assessee is 13.06.2016 and date of completion certificate issued by BBMP is 04.02.2017. In para 4.3 of his order, learned CIT(A) has noted that date of completion is actually 16.07.2015 and in this regard, he has reproduced para 4.2 of the sale deed. In para 4.4 also, it is stated that the villa was completed on 16.07.2015. In para 4.6 of his order, learned CIT(A) has noted that the capital gain has arisen on account of transfer of site / sale of shares on 28.08.2015 / 30.09.2015. He has reproduced the provisions of section 54F also in para 4.6 of his order in which it is prescribed that deduction under se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mount was invested by the assessee and how much amount was invested by his daughter for acquiring this new residential house property. As per para 5.1 of his order, learned CIT(A) has held that even if deduction is allowed to the assessee under section 54F of the Income Tax Act, 1961, the deduction allowable cannot be more than 50% of investment in the new asset and he has also stated that since the entire exemption is already been disallowed in the present case, this issue is not being discussed further. Under these facts, we feel it proper to restore back this aspect of the matter to the file of learned CIT(A) for the purpose of deciding by way of speaking and reasoned order about the quantum of deduction allowable in the present case und ..... X X X X Extracts X X X X X X X X Extracts X X X X
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