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TMI Blog2021 (10) TMI 1091X X X X Extracts X X X X X X X X Extracts X X X X ..... fore the Assessing Officer that the receipts about the said items were not available. The nature of the items and the small investments made in that respect, in our view, cannot be doubted as the assessee has duly furnished the details and evidences relating to the investments made and the same were duly examined by the Ld. CIT himself, however, the Ld. CIT could not point out any major discrepancy. In our view, CIT has wrongly exercised this revision jurisdiction u/s 263 in this case. In our view, no useful purposes will be served for re-assessment on this issue when the details etc. have already been examined by the the Ld. CIT and no error has been found in the order of the Assessing Officer. In view of this, the impugned order of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for ₹ 50,00,000/- and ₹ 1,29,08,995/-respectively. 5. The ld. CIT observed that the provisions of section 54F had not been properly applied by the Assessing Officer. The assessee claimed exemption u/s 54Famounting ₹ 1,15,27,551/- towards investment in a flat in the return of income. Subsequently, during the course of scrutiny assessment, an enhanced claim for exemption u/s 54F for ₹ 1,39,05,008/- was made before the Assessing Officer. The Assessing Officer allowed exemption u/s 54F amounting to ₹ 1,29,08,995/-. He further observed that during the course of assessment proceedings, the documents/bills/vouchers, pertaining to the claims regarding expenditure on new Investments were not produced for verificat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Date Amount (Rs.) Supporting Receipts 21 Cassette AC Upgrade to cover more Area Aug-15 33000 Receipt not available 22 Bath RM door Glass Door-Advance-1 July-15 20000 Receipt not available Glass Door-Advance-2 July-15 20000 Receipt not available Glass Door-Advance-2 Aug-15 20000 Receipt not available Glass Door-Last payment Sept-15 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er on the issue of deduction u/s 54F and directed the Assessing Officer to pass afresh in this respect. 9. Being aggrieved by the said order of the ld. CIT passed u/s 263 of the Act, the assessee has come in appeal before us. 10. The ld. DR has contended that the order of the CIT is well-explained order and that the Assessing Officer did not properly examine the bills/vouchers/receipts relating to the investments made by the assessee in a new flat to claim deduction u/s 54F of the Income Tax Act. 11. However, a perusal of the impugned order of the CIT reveals that after thoroughly examining the details and evidences furnished by the assessee during the revision proceedings u/s 263 of the Act, the Ld. CIT could not point out much di ..... X X X X Extracts X X X X X X X X Extracts X X X X
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