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TMI Blog2021 (1) TMI 287X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessment bad in law on the basis of barrowed satisfaction, presumption and surmises. 2. In the facts and circumstances of the case and in law, the Ld. CIT(A) erred in confirming the disallowance of deduction claimed by the appellant u/s 54F for investment made in residential property consisting 12 units on 5th, 6th & 7th Floor in Sidhivinayak Tower. 3. In the facts and circumstances of the case and in law, the CIT(A) erred in overlooking the facts that under income Tax for the purpose of deduction u/s 54 or u/s 54F holding of legal title i.e registration of immovable property is not necessary because if the tax payer pays full consideration or substantial portion of it, before the due date of filing return u/s 139, exemption u/s 54F is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sment order u/sec143(3) of the Act was set aside by the CIT by revision u/s 263 of the Act dated 18.02.2014 with a direction to the A.O to redo the assessment de-novo and also provide adequate opportunity of hearing. As per the revision order directions, the A.O has issued notice u/s 142(1) of the Act along with annexure. In compliance, the Ld. AR of the assessee appeared from time to time and made the submissions. The Ld. AR submitted that the assessee has claimed the exemption u/s 54F of the Act. The contentions of the assessee referred at para-3 of the assessment order that the investment in 12 residential flats should be treated as investment in one house and claimed exemption u/s 54F of the Act. Whereas, the A.O found the contentions a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ale was not registered. On perusal of paper book filed by the assessee at page 32 to 49, the copy of agreement for sale of flats between the M/s Siddi Constructions and the assessee is enclosed. The A.O. has not disputed the agreement of sale entered by the assessee with M/s Siddi Constructions but he only alleged that the document is not registered and accept the facts that the M/s Siddhi Construction has delivered and confirmed that the assessee has purchased 12 flats as per the agreement of sale in 3 floors and the registration formalities have to be completed. Under the provisions of Sec. 54F of the Act, the residential property should be purchased within a specified time for claim of exemption and the A.O. has not disputed. Further, t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... accordance with the following provisions of this section, that is to say,- (a) if the cost of the new asset is not less than the net consideration in respect of the original asset, the whole of such capital gain shall not be charged under section 45 ; (b) if the cost of the new asset is less than the net consideration in respect of the original asset, so much of the capital gain as bears to the whole of the capital gain the same proportion as the cost of the new asset bears to the net consideration, shall not be charged under section 45." 5. We also rely on the observations of the Hon'ble Madras High Court in the case of CIT Vs. V R Karpagam (ITA No.301 of 2014 Dt.18.8.2014), where it was held that the Amendment to Section 54F of t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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