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TMI Blog2021 (4) TMI 809X X X X Extracts X X X X X X X X Extracts X X X X ..... aised in the additional ground goes to the root of the issue and for substantial cause and justice, I admit the same. It is the claim of the assessee that the assessee has transferred the amount of ₹ 33,50,000 to his son and the details of investment made in the new property by the son is to the extent of ₹ 47,18,150. The assessee in support of the above, has also furnished additional evidence as mentioned above. Since I have admitted the additional ground, the additional evidence in support of the additional ground is also admitted. Since the additional ground and the additional evidence are taken on record, the matter needs to be considered de novo by the Assessing Officer. Accordingly, the issue raised in the additional ground is restored to the files of the A.O. A.O. shall consider the claim in the additional grounds. As regards the additional grounds, the assessee shall be entitled to file evidence in support of his case. The assessee is directed to co-operate with the Department and shall not seek unnecessary adjournment. A.O. shall dispose of the matter after affording a reasonable opportunity of hearing to the assessee. Appeal filed by the assessee is partly ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on facts in drawing a parity of reasoning on authorities which were rendered in respect to interpretation of rate of tax, whereas, there was no dispute as to whether the appellant was eligible to claim the deduction under section 54F of the Act, on the facts and circumstances of the case. 7. The learned CIT(A) was not justified in appreciating that the provisions of section 54 of the Act, were to be construed liberally and in favour of the assessee as held by several authorities, on the facts- and circumstances of the case. 8. The appellant denies itself liable to be charged interest under section 234D and withdrawal of interest 244A of the Act on the facts and circumstances of the case. 9. The Appellant craves leave to add, alter, amend, substitute, change and delete any of the grounds of appeal. 10. For the above and other grounds that may be urged at the time of hearing of the appeal, the Appellant prays that the appeal may be allowed and justice rendered. 4. The assessee has also raised additional grounds, which read as follows:- 1. Without prejudice, the appellant is eligible for deduction under section 54F of the Act, since the consideration ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... levant finding of the AO in denying the benefit of section 54F of the I.T.Act, reads as follow:- 4.4.11 The argument of the Authorised Representative is not acceptable on the following grounds. a. The Authorised Representative has agreed that the cheque was not encashed; b. No proof is available for payment of cash apart from debit entries in the bank account, no corroborative evidence produced to show that the purpose of withdrawal was for payment; c. Instead of bringing on record the investment in its true sense for claiming exemption from capital gains, the Authorised Representative has observed that the Assessing Officer has not brought on record evidence to prove the payments were out of natural love and affection by the assessee. d. The Authorised Representative has made the intention clear that the transaction with the son was made to claim the exemption from capital gains. The transaction was carried out by preparing an agreement for sale, without transferring the right over the property by executing a registered deed. e. The Authorised Representative has relied upon the ratio of decision of the jurisdictional High Court in the case of CIT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onfirmed the view of the Assessing Officer in denying the claim of deduction u/s 54F of the I.T.Act. 8. Aggrieved by the order of the CIT(A), the assessee has filed this appeal before the Tribunal. As mentioned earlier, the assessee has filed additional ground. In support of the additional ground, the assessee has filed a petition for admission of additional evidence. The additional ground raised is a fresh claim contending that the proceeds of the original assets was invested in purchase of a house property in the name of the son of the assessee and such investment of sale consideration towards the new residential house property should alternatively be considered in the hands of the son of the assessee. The assessee has also relied on judicial pronouncements for the proposition that the claim of deduction u/s 54F of the I.T.Act should be granted even when investment in new asset is made by the assessee in the name of his son. For admission of additional ground, the assessee had relied on the Hon ble Apex Court judgment in the case of National Thermal Power Company Limited v. CIT reported in 229 ITR 383 and also the judgment of the Hon ble Karnataka High Court in the case of Gun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion towards the new residential house property should be alternatively be considered in the hands of the son of the assessee. The assessee had relied on judicial pronouncements that deduction u/s 54F of the I.T.Act should be considered in the name of the son of the assessee by filing proof of investment made by the son of the assessee. The assessee in the additional ground has raised totally a fresh claim. The issue raised in the additional ground goes to the root of the issue and for substantial cause and justice, I admit the same. 11.1 The assessee has filed a chart depicting the details of money transfer and the total investments made in the house property in the hands of the son of the assessee. The chart with reference to the proof filed in the paper book by the assessee is furnished below:- Date Particulars Amount Page No. 27.01.2014 Cash withdrawn, Vijaya Bank 990659 10,00,000 4 26.04.2014 Account payee transfer 26904151 10,00,000 4 28.04.2014 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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