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TMI Blog2020 (11) TMI 211X X X X Extracts X X X X X X X X Extracts X X X X ..... he has disallowed claim of deduction made u/s. 54EC in assessment year 2008-09, while the assessee has actually claimed the said deduction in AY 2009-10. Hence the question of disallowing claim made u/s. 54EC of the Act shall arise only in assessment year 2009-10 and not in AY 2008-09. Since the assessee has not claimed any deduction u/s. 54EC of the Act in AY 2008-09, the question of making any disallowance of the said claim does not arise in AY 2008-09. Hence the AO was not justified in making disallowance of any amount, which was not claimed at all in AY 2008-09. CIT(A) was not justified in confirming the said disallowance. Direct the AO to delete the disallowance - Decided in favour of assessee. - ITA No. 2461/Bang/2019, S.P. No. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ,00,000/- plus interest component of ₹ 3,50,000/- for delayed payment of consideration. As per the agreement, all the above three persons received a sum of ₹ 1,05,00,000/- on the date of signing of agreement and balance consideration was agreed to be received in monthly instalments, the last instalment was agreed to be paid by 15.09.2007. 4. As per the agreement, Share transfer date is fixed as 15th September, 2007, by which date transfer of shares shall be effected in favour of the purchasers when the aggregate sale consideration shall be paid to the Vendors. 5. According to the assessees, the actual transfer of shares took place on 11th April, 2008, when the share certificates along with share transfer forms were hande ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n made beyond the stipulated period of six months. Accordingly, the AO reopened the assessment by issuing notice u/s. 148 of the Act. In the reasons for reopening the AO has expressed the view that the capital gain is assessable in AY 2008-09. 7. However, in the reopened assessment, the AO added ₹ 50.00 lakhs in the hands of Shri B Vishwanath and ₹ 19.00 lakhs in the hands of Smt. Hiriyur Nagaraj Savithri by disallowing the claim made u/s. 54EC of the Act. It is pertinent to note that the AO did not assess long term capital gains in the reopened assessment. The Ld CIT(A) also confirmed the order passed by AO in the hands of both the assessees. 8. The Ld A.R. submitted that the assessee has not claimed any deduction u/s. 54 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... disallowance of any amount, which was not claimed at all in AY 2008-09. Accordingly, we are of the view that the Ld CIT(A) was not justified in confirming the said disallowance. Accordingly, we set aside the order passed by Ld CIT(A) on this issue and direct the AO to delete the disallowance of ₹ 50.00 lakhs made in the hands of Shri B Vishwanath and ₹ 19.00 lakhs made in the hands of Smt. Hiriyur Nagaraj Savithri in AY 2008-09. 12. Since we have decided the issue urged on merits, we do not find it necessary to adjudicate the legal ground relating to validity of reopening of assessment. 13. Since we have disposed of appeals of the assessees, the stay applications filed by them shall become infructuous. 14. In the result ..... X X X X Extracts X X X X X X X X Extracts X X X X
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