9911796707
TMI Blog2021 (6) TMI 669X X X X Extracts X X X X X X X X Extracts X X X X ..... e, remit this file back to the AO for verification for the allotment of flats, which have been allotted to the assessee in a Block/Tower or in different Blocks/Towers. If the AO is found that the assessee has been allotted residential units in more than Blocks/Towers, the AO will recompute the capital gain afresh in the hands of the assessee as per law after providing reasonable opportunity of hearing to the assessee. The assessee is also directed to substantiate its claim u/s 54F by producing necessary documents and avoid unnecessary adjournments. Accordingly, the grounds raised by the revenue are partly allowed for statistical purposes. - ITA No. 732/H/2019, 889/Hyd/2019, 890/H/2019 - - - Dated:- 18-6-2021 - Shri Satbeer Singh Godara, Judicial Member And Shri Laxmi Prasad Sahu, Accountant Member For the Assessee : Shri K.C. Devdas For the Revenue : Shri Rohit Mujumdar ORDER PER L.P. SAHU, A.M.: These appeal filed by the Revenue are directed against CIT(A) 5, Hyderabad s separate orders for AY 2011-12 involving proceedings u/s 143(3) rws 147of the Income Tax Act, 1961 ; in short the Act . As the facts and grounds are identical in these a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ication of the consideration with regard to the transfer of his share of land. The AO, however has restricted the exemption u/s. 54F claimed by the assessee only to the extent of investment in one residential flat and denied on the other residential flats. 6. Aggrieved, the assessee preferred an appeal before the CIT(A) and before the CIT(A) the assessee had cited several decisions including that of the jurisdictional High Court, that exemption u/ s 54F has to be allowed in respect of a residential house which consist of multiple units and of jurisdictional ITAT wherein it has been held that Sec. 54F exemption has to be allowed even if such independent units or on different floors. The relevant part of decisions with citations are reproduced as under: 1. Virtal Krishna Conjeevaramvs ITO (144 lTD 325) (Hyd): In this case the Hon'ble ITAT, Hyderabad Held as under:- Exemption u/ s. 54F only requires that the property should be of residential nature and the fact that the residential house consists of several independent units cannot be an impediment to grant relief u/s. 54F even if such independent units are on different floors. 2. CIT vs Syed Ali Adil ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent for the purpose of section 54F . 10.1 It is clear from the supplementary agreement dated 20th March, 2013, which is executed against the assessee developer and the details of total construction area is as under as per page No. 44 of paper book: a) Open plots 4 Nos b) 2/3 Bedroom Blocks 10 blocks (Block 1 to 10) c) EWS/LIG Blocks 2 Blocks (Block 11/A and 11/B) d) Independent Villas 40 Nos (Villa No. 1 to 40 e) Club house and Amenities f) Tot lots and Mandatory open areas g) Road and Driveways 10.2 The details of each block area as per page No. 46 of paper book, are as under: Apartment Each block area statement Block No. Construction pattern Each Floor Area Area in 5 Floors B1 C+S+5 Floor 7962 39810 B2 C+S+5 Floor 7962 39810 B3 C+S+5 Floor 7962 39810 B4 C+S+5 Floor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Full Block 39810 B4 31935 Partial Block B4 Flat 1 x 5 Flrs 7875 B7 60945 Full Block B5 Full Block 30970 B8 15050 2x3BHK x 5floor B6 Full Block 30970 B9 30197 Partial Block B8 Partial Block 45800 B10 12289 Partial Block B9 Partial Block 45298 B11/A 18943 EWS B10 Partial Block 15656 B11/A 30082 LIG B11/A EWS 15847 B11/B 7670 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... FIRST PARTY SECOND PARTY (OWNERS) (,DEVELOPERS) Apartment/Flats 300000 SFT 236905 SFT 536905 SFT Independent houses NIL 100000 SFT 100000 SFT APPROX. AREA OF CONSTRUCTION FOR FLATS IN TOTAL: 5,36,905 SFT APPROX. AREA OF CONSTRUCTION FOR INDEPENDENT HOUSES: 1,00,000 SFT (40 Villas) ALL THE AREAS CONSJDEREDIMENTIONED herein are as per Saleable area in SFT only which includes total constructed area including balconies, sit out, staircases, lift rooms, Security rooms, games room, if any; electrical meter room, Economic Weaker Section, Low Income Group housing, pump room, generator rooms if any, common areas, circulation areas but excludes car parking area. The construction areas and the layout may be altered by the SECOND PARTY to meet the marketability demands, at any stage or as per stipulated rules of concerned authorities. That the First Party shall retain an area of 2500 Sq. yds out of Ac 10 - 20 Guntas for their exc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not have any objection towards it as long as it is done on the name of the SECOND PARTY. 10.7 The ld. CIT(A) has relied on the judgement of Hon ble Delhi High Court in the case of CIT Vs. Geeta Dugal (ITA No. 1237/2011 dated 21/02/2013) and Hon ble AP, Karnataka High Courts judgements as well as the decision of ITAT, Hyderabad. In all these judgements, the exemption claimed was in respect of multiple units on different floor/floors in a Block/Tower. But, in these cases, it is not clear as to whether one assessee has been allotted house/houses in a Block/Tower. We have gone through the allotment of apartment, which has been enumerated in para 10.3 cited supra, it is clear that some of the Blocks have been allotted fully to the assessee/assessees and some of the Blocks are partially allotted amongst the assessees and developers. In this regard, the AR of the assessee has not submitted any documents or any allotment letter for ascertaining the number of flats allotted to the assessee/assessees by the developers which is root for determining the deduction u/s 54F of the IT Act. The CIT(A) s decision is right if the assessee has been allotted a house or more than a house in a B ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
