9911796707
TMI Blog2021 (2) TMI 610X X X X Extracts X X X X X X X X Extracts X X X X ..... x effect in this appeal is below the prescribed limit, therefore the appeal is not maintainable. However, on perusal of the grounds of appeal, it is seen that the appeal is filed by the department on account of revenue audit objection. 3. Facts of the case are that in this case, the assessee has filed her return of income admitting total income of Rs. 6,75,200/- on 22/06/2009 and the assessment was completed u/sec. 143(3) r.w.s. 147 on a total income of Rs. 89,09,360/-. In the assessment, the AO had accepted the sale consideration at Rs. 60.00 lakhs and also allowed exemption u/sec. 54F of the Act. 4. On the additions made in the assessment order, the assessee went on appeal before the ld. CIT(A). During the pendency of appellate proceedi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... officer to adopt the sale consideration admitted by the appellant at Rs. 60,00,000. 8.4. ........ Subsequent to the assessment, there appears to be an audit by the Revenue Audit Party wherein appellant received 4 flats during the relevant previous year from the development of the site at Bangalore and therefore not eligible for exemption u/s. 54F of the Act. Therefore, the assessing officer submitted in the remand report that since the appellant owns more than one residential house on the date of transfer of the site at Kakinada she is not eligible for exemption of the capital gains u/s. 54F of the Act.......... There are totally eight co-owners including the appellant. The builder constructed eight flats with an extent ranging from 3000 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t made by the AO by in it's order dated 20/03/2014 passed u/sec. 143(3) r.w.s. 147, the AO taken the sale consideration at Rs. 60.00 lakhs as declared by the assessee. Similarly, the AO also allowed deduction u/sec. 54F of the Act. No other addition was made by the AO pursuant to the audit objection raised by the revenue audit party. The AO has only brought the information to the notice of the ld. CIT(A) and the ld. CIT(A) has considered the issues and held that there is no case for making the addition u/sec. 50C as well as rejection of the assessee's claim for deduction u/sec. 54F of the Act. Since AO has not made any addition, the contention raised by the Department with regard to the SRO value as well as granting of exemption u/s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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