9911796707
TMI Blog2021 (10) TMI 169X X X X Extracts X X X X X X X X Extracts X X X X ..... l provision, which has been enacted with an object to promote investment on housing and to enable the assessee to save tax on capital gains. In the instant case, admittedly, the assessee within one year before the date of transfer i.e., on 24.02.2007 has purchased along with other co-owners a property and had sold the capital asset on 24.10.2007. From close scrutiny of the order passed by the tribunal, it is evident that the tribunal while deciding the appeal preferred by the revenue has adjudicated only grounds 2 and 3 and has not adjudicated the ground with regard to the claim of assessee under Section 54F of the Act in the light of law laid down by Delhi High Court in CIT VS. GITA DUGGAL [ 2013 (3) TMI 101 - DELHI HIGH COURT ] . The trib ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the facts and circumstances of the case? (iv) Whether the Tribunal was justified in law holding that the release deed of the property between spouses was a colorable device and not a proper form for acquisition of property and consequently passed a perverse order on the facts and circumstances of the case?" 2. Facts leading to filing of this appeal briefly stated are that assessee is an individual. The assessee filed the return of income for the Assessment Year 2008-09 on 29.09.2008 declaring total income of ₹ 9,06,856/-. The assessee along with other co-owners sold the immovable property of Sy.No.54/1 to Sy.No.54/3 situated in Kalenagrahara Village, Begur Hobli, Bangalore South Taluk for a sale consideration of ₹ 5,35 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee is not entitled to deduction under Section 54F of the Act as assessee has failed to prove that she has acquired a new house by sale proceeds of original asset sold and further held that the assessee has not acquired any asset. The appeal preferred by the assessee was dismissed without any adjudication on the ground that the appeal preferred by the revenue has been allowed. In the aforesaid factual background, this appeal has been filed. 5. Learned Senior counsel for the assessee submitted that admittedly, the assessee has purchased the asset and the tribunal erroneously held that no exemption under Section 54F of the Act can be granted even in respect of 50% of the property owned by the assessee on 24.02.2007. It is also urged th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sheet, the assessee owns three properties and had shown income from house property. It is also urged that the property purchased jointly with her husband on 24.02.2007 cannot be considered as compliance of Section 54F of the Act as the assessee was required to purchase the property in her individual mean. It is also submitted that entitlement of the assessee to claim benefit under Section 54F of the Act is intrinsically connected with the grounds raised by her in the appeal, which has not been adjudicated by the tribunal and therefore, the matter be remitted to the tribunal for decision afresh. 7. We have considered the submissions made by learned counsel for the parties and have perused the record. From perusal of Section 54F of the Act, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssion to add or delete the grounds of appeal at the time of hearing the case. 8. From close scrutiny of the order passed by the tribunal, it is evident that the tribunal while deciding the appeal preferred by the revenue has adjudicated only grounds 2 and 3 and has not adjudicated the ground with regard to the claim of assessee under Section 54F of the Act in the light of law laid down by Delhi High Court in 'CIT VS. GITA DUGGAL', (2013) 257 CTR (DEL.) 208. The tribunal has failed to adjudicate the grounds raised by the assessee in her appeal. The impugned order therefore, cannot be sustained in the eye of law. It is accordingly quashed. The matter is remitted to the tribunal to decide the appeal preferred by the assessee as well ..... X X X X Extracts X X X X X X X X Extracts X X X X
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