9911796707
TMI Blog2023 (1) TMI 21X X X X Extracts X X X X X X X X Extracts X X X X ..... on by the stamp duty value as per section 50C of the Act, on account of the third proviso to section 50C whichthough brought on the statute w.e.f. 1.4.2019, has been held in series of decision by the ITAT as cited before us by the ld.counel for the assessee, to be retrospective in nature. Ground no.1 raised by the assessee is, therefore, allowed. Deduction u/s 54F - absence of any documents furnished by the assessee to substantiate its claim of having reconstructed his residential house - HELD THAT:- We have noted from the assessment order that there isno mention that the assessee had been put to notice before denial of this claim of deduction under section 54F - CIT(A) noted that the assessee had furnished evidence by way of certifica ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nvestment in house under section 54F of the Act amounting to Rs.2,75,939/-. The AO, while framing assessment, computed the capital gains by substituting the sale consideration received by the assessee with the stamp duty value of the property as per section 50C of the Act, and also took the value of cost of acquisition based on fair market value of the property sold as on 1.4.1981 as per valuation of Departmental Valuation Officer (DVO) . The capital gain was accordingly computed at Rs.11,27,062/-, as against Rs.4,40,276/- declared by the assessee and the difference thereof of Rs.6,86,786/- accordingly added to the income of the assessee. Further the AO denied claim of deduction under section 54F ofthe Act to the assessee. 3. Aggrieved, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , which was thereafter revised to Rs.3,99,656/-. It is submitted that the Appellant is entitled to said claim of deduction u/s.54F and the same be directed to be allowed. 5. Taking up ground no.1, the ld.counsel for the assessee contended that difference between the sale consideration received by the assessee, and that computed as per section 50C of the Act, requiring substitution of the same with the stamp duty value was, less than 10% and as per the third proviso to section 50C of the Act, where such difference did not exceed 10% of the actual consideration then actual consideration received was to be taken as full consideration received. In this regard, he drew our attention to a chart reflecting reconciliation between returned cap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... med to be the full value of the consideration. 6. He stated that though the proviso was inserted by the Finance Act, 2018 w.e.f. 1-4-2019, the same has been held to be retrospective in nature in a series of decisions of courts. In this regard he drew our attention to the decisions of Mumbai Tribunal in the case of Joseph Mudaliar Vs. DCIT, (2021) 130 taxmann.com 250; Maria Fernandes Cheryl Vs. ITO, (2021) 123 taxmann.com 252; Amrapali Cinema Vs. ACIT, (2021) 127 taxsmann.com 376 (Delhi- Trib); Chandra Prakash Jhunjhunwala Vs. DCIT, (2020) 113 taxamnn.com 246 (Kol-Trib). The ld.counsel for the assessee contended, therefore, that in view of the above decisions of the ITAT, since variation in the sale consideration actually received, and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... out that thatthe same was upheld by the Ld.CIT(A) in the absence of any documents furnished by the assessee to substantiate its claim of having reconstructed his residential house for Rs.6,75,000/-. He drew our attention to para 4.3 of the Ld. CIT(A) s order in this regard. Ld.counsel for the assessee contended that he had not been given any opportunity before denying the claim of deduction, and that all necessary evidences to prove his claim of reconstruction of house were available. He pointed out that the AO had denied his claim without giving any show cause notice and before the Ld.CIT(A) when necessary evidences substantiating his claim were filed by way of letter from Gardi Gram Panchayat and bills and vouchers of expenses ,the same ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
