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TMI Blog2023 (9) TMI 1314X X X X Extracts X X X X X X X X Extracts X X X X ..... hops/Office premises bearing No. 409 Block-C 4th floor, admeasuring super area 1262.51 square feet (117.29 square metre) situated at Nirvana Courtyard, South City-II, Gurgaon, Haryana. But the Ld. A.O. without looking into the conveyance deed, formed an opinion that the assessee is already in possession of two residential properties . Thus, we are of the opinion, that the A.O. committed error in observing the commercial property as residential property and also committed error in denying the claim of deduction u/s 54F to the assessee. A.O. ought to have appreciated the fact that the Assessee owns a single residential property and should have allowed the deduction claimed u/s 54F of the Act - Appeal filed by the assessee is allowed. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rs. 7,36,270/-, the return was processed u/s 143(1) of the Act and the case was selected for scrutiny on the basis of CASS. During the assessment proceedings, on perusal of computation of income of the Assessee for Assessment Year 2012-13, it is observed by the A.O. that the assessee had shown LTCG of Rs. 52,54,619/- which was claimed to be invested in acquiring house property, accordingly claimed deduction u/s 54F of the Act amounting to Rs. 52,54,619/-. The A.O. asked to justify the claim of deduction u/s 54F of the Act, the assessee submitted that the assessee had purchased property at Nirvana Courtyard, Nirvana Country, Gurgaon (Commercial) on 24/09/2010. The A.O. observed that the assessee is already in possession of two residential ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lat has not been discharged by the appellant. (6) The income from both flats are chargeable to tax under income from house property as has been shown in the return by the appellant. 7.1 Thus the appellant owns more than one residential house on the date of transfer of the original asset and also the income from both the flats has been offered to tax under income from house property. Therefore as stated in para 6.1 of this order, both the conditions in proviso to section 54F (1) conjunctively stand satisfied and the proviso would be operational. 7.2 No man by the proviso, nothing contained in section 541 (would apply to the case which means the exemption 54F (1) would not be available to the appellant and the capital gain shou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ctor-50 South City-II, Gurgaon, Haryana, which is a commercial property, therefore, submitted that the Lower Authorities have committed an error in observing that the Assessee is already in possession of two residential properties and rejected the claim of the Assessee u/s 54F(1) of the Act, which requires to be reversed by the Tribunal. 5. Per contra, the Ld. Departmental Representative relied on the orders of the Lower Authorities and submitted that the assessee had falsely claimed deduction u/s 54F of the Act which has been rightly denied. 6. We have heard both the parties and perused the material available on record. The only reason for disallowing the deduction u/s 54F of the Act to the assessee is that the assessee is already ..... X X X X Extracts X X X X X X X X Extracts X X X X
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