9911796707
TMI Blog2022 (4) TMI 437X X X X Extracts X X X X X X X X Extracts X X X X ..... evant to the Assessment Year 2011-12. 2. Briefly stated facts are that the assessee in the present case is an individual and filed his return of income under section 139 of the Act declaring at Rs. 1,37,680.00 only. The case of the assessee was selected under scrutiny and accordingly the assessment was framed under section 143(3) of the Act dated 20th February 2014 after making certain additions at Rs. 1,83,180.00. Subsequently, the assessment was revised under section 263 of the Act by the learned Principal CIT vide order dated 12 January 2016. 2.1 The AO in consequence to the direction of the learned Principal CIT under section 263 of the Act further revised the assessment by making necessary changes in the cost of construction which wa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ere was nobody appeared before the learned CIT-A and therefore, the learned Principal CIT dismissed the appeal of the assessee. Undeniably, the present proceedings are arising in consequence to the direction of the learned Principal CIT under section 263 of the Act. Thus it is seen that the assessee has already suffered from different proceedings before the income tax authorities. The first time the proceedings under section 143(3) of the Act. The 2nd proceedings were initiated under section 263 of the Act. The next proceedings were in consequence to the direction of the learned Pr. CIT under section 263 in the assessment framed under section 143(3) read with section 263 of the Act. Finally the assessee, has carried the matter to the learne ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rs. 12,50,000.00 under the provisions of section 54 of the Act. However, this deduction of Rs. 12,50,000.00 was denied by the AO on the reasoning that that the assessee was already having in his possession a residential house at the time of purchase of a new residential house at Shivam Apartment. Therefore, the same should not be allowed as deduction. The relevant finding of the AO reads as under: The assessee was already in possession of a residential house at the time of purchase of new residential house at Shivam Apartment. Hence, the exemption claimed u/s.54 of the IT Act is also not correct and required to be withdrawn. 7.5 However, on perusal of the computation of income tax working made by the AO in his assessment order, we note ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re or two years after the date on which the transfer took place purchased 68 ], or has within a period of three years after that date constructed, a residential house, then], instead of the capital gain being charged to income-tax as income of the previous year in which the transfer took place, it shall be dealt with in accordance with the following provisions of this section, that is to say,- (i) XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX (ii) if the amount of the capital gain is equal to or less than the cost of the new asset, the capital gain shall not be charged under section 45; and for the purpose of computing in respect of the new asset any capital gain arising from its transfer within a period of three years of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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