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TMI Blog2020 (9) TMI 817X X X X Extracts X X X X X X X X Extracts X X X X ..... ouse for residential purpose on the plot purchased by her from JDA on auction and said house was consisted of two rooms, boundary wall with iron gate, electricity connection etc. and house was constructed within stipulated time. All the conditions of claiming deduction under Sec. 54F of the Act were fulfilled by the assessee and all relevant details/evidences submitted before the AO during the proceedings which were examined by him and nothing was remained on the part of the assessee to prove her claim as per provisions of sec. 54F - No merit for declining the assessee s claim of deduction U/s 54F. Legally and factually in interpreting the actual spirit of section 50C for the purpose of working out deduction under section 54F - HELD ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nference in view of the prevailing situation of Covid-19 Pandemic. The grievance of the assessee revolves around disallowing claim of deduction U/s 54F of the Act. Rival contentions have been heard and record perused. Brief facts of the case are that assessee filed her return of income on dated 30/03/2011 declaring the total income of ₹ 361039/- including the long-term capital gain at Rs. NIL. The assessee has sold a land on 18/08/2009 which was held jointly by her husband Sh.Rajender Garg and her two sons Sh. Saurabh Garg and Kartik Garg. The said land was an agricultural land measuring 1.26 hectare at Motu Ka Bas, Tehsil: Amer, Jaipur. Total sale consideration has been shown in the sale deed of ₹ 1,52,00,000/- of which 40% ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for construction and payment of receipts were on plain paper and assessee has not furnished any evidence to prove the source of payment of ₹ 6,50,000. Against the said order of Assessing Officer an appeal has been filled by the assessee before CIT(A)-II. By the impugned order, the ld. CIT(A) has confirmed the action of the A.O., against which the assessee is in further appeal before the ITAT. 4. We have considered the rival contentions and carefully gone through the orders of the authorities below. We had also gone through the order of the Tribunal dated 30/10/2015 in the first round. The ITAT, Jaipur has given clear findings in para-6 of it's order dated 30/10/2015 that assessee purchased the commercial plot from the JDA, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t and overlapping by ignoring the directions of the Hon'ble ITAT, Jaipur. However, in para-8.5 of his order, the AO examined the agreement date 13/07/2011 made by the assessee with M/S Kalyani Engineering for construction on the said plot against the payment of ₹ 10.50 lacs out of which ₹ 4.50 Laces was made by cheque no. 919654 dated 31/07/2010 mentioned in the agreement itself and remaining ₹ 6.50 lacs made by cash for which cash receipts were submitted to the AO. Agreement was found to be genuine by the AO with the payment of ₹ 10.50 Lacs including cash payment of ₹ 6.50 lacs, however, AO has wrongly mentioned in para-8.6 that source of payment was not supported by evidences. Further, AO admitted that co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essee by constructing a house for residential purpose on the plot purchased by her from JDA on auction and said house was consisted of two rooms, boundary wall with iron gate, electricity connection etc. and house was constructed within stipulated time. Thus, all the conditions of claiming deduction under Sec. 54F of the Act were fulfilled by the assessee and all relevant details/evidences submitted before the AO during the proceedings which were examined by him and nothing was remained on the part of the assessee to prove her claim as per provisions of sec. 54F of the Act. The same ratio was laid down by the Hon'ble ITAT, Jaipur in case of Om Prakash Goyal which is reproduced as under: Capital Gain- Eligibility for Exemption u/s 5 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion U/s 54F of the Act. 10. In the result, grounds No. 1 to 4 of the appeal are allowed. 11. Ground No. 5 of the appeal taken by the assessee reads as under: The learned AO has legally and factually erred in interpreting the actual spirit of section 50C of the Act for the purpose of working out deduction under section 54F of the Act as Sec 50C is deeming provision and only applicable to sec. 48 not to the sec. 54F others. 12. We have gone through the orders of the authorities below and found that the AO has worked out the capital gain by taking the value as per stamp authority against actual sale value shown in the sale deed by applying the sec. 50C of the Act. As per our considered view Section 50C of the Act is a deeming ..... X X X X Extracts X X X X X X X X Extracts X X X X
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