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TMI Blog2021 (12) TMI 644X X X X Extracts X X X X X X X X Extracts X X X X ..... to be remitted to the file of AO for examining it afresh by duly considering the claim of the assessee with regards to the ownership of the residential building located at Madiwala. We earlier noticed that the assessee had claimed deduction u/s 54 of the Act and it is the AO who has stated that the assessee is eligible for deduction u/s 54F of the Act and the said view of the AO has been accepted by the assessee. We also notice that the manner of computation of deduction u/s 54 and 54F are different. However, there was no occasion for the AO to compute the eligible amount of deduction, since he had held that the assessee is not eligible for deduction u/s 54F of the Act. Hence, the manner of computation of deduction also requires to be exami ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... treated as allowed for statistical purposes. - ITA No.387/Bang/2020 - - - Dated:- 14-12-2021 - Shri B.R Baskaran, Accountant Member And Shri Beena Pillai, Judicial Member For the Assessee : Shri Deepesh Wagale, C.A For the Revenue : Shri Srinath Sadanala, Addl.CIT (DR) ORDER PER B.R BASKARAN, ACCOUNTANT MEMBER The Revenue has filed this appeal challenging the order dated 28/11/2019 passed by the ld.CIT(A)-II, Bangalore for assessment year 2016-17. 2. The grounds of appeal urged by the Revenue give raise to the following 2 issues:- a) Allowing deduction claimed by the assessee u/s 54F of the Act b) Not adjudicating the ground relating to disallowance of interest expenditure 3. We heard the parties an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sets at ₹ 2,41,79,713/-. The assessee claimed deduction u/s 54 of the Act on the above said amount and accordingly declared Nil long term capital gain. 5. The AO noticed that both the buildings sold by the assessee are commercial properties and remaining properties are two plots. Accordingly, he took the view that the assessee is not eligible for deduction u/s 54, but eligible u/s 54F of the Act. One of the conditions for claiming u/s 54F of the Act is that the assessee should not own more than one residential property on the date of sale of assets. 6. The AO noticed the assessee has owned following residential properties:- a) A residential flat in Golden Orchid b) 50% share in residential house located in dollars scheme M ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... further submitted that the Ld CIT(A) did not confront these materials with the AO and has accepted the claim of the assessee at its face value. He submitted that the claim of the assessee requires verification. Accordingly, the ld.DR submitted that this issue may be restored to the file of the AO for examining the above said claim of the assessee. 9. On the contrary, the ld.AR submitted that there is no dispute with regard to the facts presented before the ld.CIT(A) and hence the decision rendered by the ld.CIT(A) deserves to be accepted. 10. We heard the parties on this issue and perused the record. Admittedly, the details of the ownership of the Madiwala property was submitted to ld.CIT(A) along with the copies of Wealth-tax Returns ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... so directed to furnish all the relevant materials to prove that the residential building located in Madiwala is not owned by her and she was only a name lender. After hearing the assessee, the AO may take appropriate decision on this issue in accordance with law. 12. The next issue relates to disallowance of interest expenditure claimed by the assessee against income from other sources. We noticed earlier that the ld.CIT(A) did not adjudicate this issue even though contentions were raised by the assessee on this issue. Before us, the Revenue has raised a ground stating that the ld.CIT(A) has not adjudicated this issue. In fact, the Revenue cannot be said to be aggrieved by the action of the ld.CIT(A) in not adjudicating this issue. It is ..... X X X X Extracts X X X X X X X X Extracts X X X X
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