9911796707
TMI Blog2021 (7) TMI 58X X X X Extracts X X X X X X X X Extracts X X X X ..... facts and in law. 2) The learned Commissioner of Income-Tax (Appeals) erred in confirming determination of the capital gain in the case of the appellant HUF. 3) The learned Commissioner of Income-Tax (Appeals) erred in confirming rejection of the claim u/s 54F of the I.T Act. The learned Commissioner of Income-Tax (Appeals) ought to have been that the residential house was constructed jointly by the individual and the HUF and, therefore, the appellant is entitled for exemption u/s 54F of the I.T. Act. 4) The learned Commissioner of Income-Tax (Appeals) erred in confirming disallowance of development expenditure of Rs. 6,50,OOO/- and the expenditure incurred in the apartment towards interiors of Rs. 7,25,500/-. 5) Any other ground th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n agreement with the builder and deducted indexed cost of improvement of Rs. 7,05,842/- along with cost of acquisition. The assessee claimed deduction u/s 54F of Rs. 11,84,540/-. The assessee claimed that the reinvestment was made in residential house which is jointly owned by the assessee in HUF & individual capacities. The AO did not allow the claim of developmental expenses in the absence of reliable evidences and disallowed the deduction u/s 54F as the construction of house was already shown to be completed in the individual hands of the assessee. Further, on sale of flats the assessee admitted short term capital gains. In computation of STCG, the assessee claimed to have spent Rs. 7,27,500/- interior expenses on flats and claimed as ex ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g term capital gain on entering into development agreement, without allowing deduction U/S 54F of the I.T. Act. The appellant filed an appeal before the CIT (A). The CIT (A) vide order dated 09.02.2016 dismissed the appeal filed by the appellant. The appellant is now before the Hon'ble Income tax Appellate Tribunal contesting the determination of the capital gain; confirming the rejection of the claim U/S 54F and confirming the disallowance of development expenditure of Rs. 6,50,000/-. 3. After completion of the assessment for the assessment year 2010-11, the Assessing Officer for the assessment year 2008-09 issued notice U/S 148 read with section 147 on 16.02.2016 to tax the capital gain arising on entering into development agreement ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessment year 2008-09 and became final as the assessee filed application under Vivad se Vishwas Act. 6. The appellant requests the Hon'ble ITAT to kindly pass appropriate orders in the matter." 6. The ld. DR, on the other hand, relied on the orders of the revenue authorities. 7. We have considered the rival submissions and perused the material on record as well as gone through the orders of revenue authorities. Before denying the assessee's claim of deduction u/s 54F of the Act, the AO observed that the assessee possess a residential house at D. No. 4-2-560/1, Radhakrishna Nagar, Haveli Panchayat, Khammam in individual capacity which was constructed in FY 2008-09 with a cost of construction of Rs. 23 lakhs out of which Rs. 15. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... id appeal was disposed off by the coordinate bench of this Tribunal vide order dated 24/02/2021. Considering the submissions of the assessee, we remit this matter to the file of AO for a limited purpose for verification of the same as to whether the same capital gains arising on sale of the same property has been assessed in AY 2008-09 If it is found that the capital gains has been assessed twice on the same property in AY 2008-9 and 2010-11, the proceedings for AY 2010-11 shall be dropped and, if it is found otherwise, the AO can revive the appeal as it is. Accordingly, the grounds raised by the assessee are treated as allowed for statistical purposes. 8. In the result, appeal of the assessee is allowed for statistical purposes in above t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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