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TMI Blog2024 (1) TMI 575X X X X Extracts X X X X X X X X Extracts X X X X ..... gains. AO mistook this direction and he computed the long term capital gains at Rs. 3,80,05,664/-. We, therefore, accept the request of the assessee and direct AO to reduce the sale consideration by indexed cost of acquisition, taking the cost of acquisition at Rs. 3,80,05,664/-. Ground No. 2 is accordingly allowed. Deduction u/s 54F - For the assessment year 2012-13, a Co-ordinate Bench of the Tribunal directed the learned CIT(A) to verify whether the assessee is entitled to claim deduction under section 54F of the Act; that pursuant to such a direction, learned CIT(A) called for remand report of the learned Assessing Officer and such an appeal is pending at that stage. As submitted that pending finalization of the issue relating ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lage, Saroor Nagar Mandal, R.R District. As per registered Joint Development Agreement (JDA) vide Document 212/2012 dated 13/01/2012 entered into with M/s. SNR Nirman India Private Ltd. the assessee was entitled to receive 65190 sft. of built-up-area consisting of 52 constructed flats towards his share (35%). The assessee decided to sell of the built-up area to the builder itself and accordingly 52 flats were sold. Out of these 52 flats, 29 flats were sold in the assessment year 2014-15 for a consideration of Rs. 5,12,07,000/- and the balance 23 flats were sold in the assessment year 2016-17 for a consideration of Rs. 4,38,57,500/-. The consideration of Rs. 9,50,64,500/- in respect of the said transactions was received by the assessee @ Rs. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... turn of income on 24/08/2015, admitting the total income at Rs. 1,01,00,000/-. Subsequently, on 29/03/2021, a notice under section 148 of the Act was issued for the assessment year 2014-15 and the assessee filed the return of income under section 148 of the Act, admitting total income at Rs. 1,00,09,110/-, consisting of Income from Capital Gains. learned Assessing Officer passed draft order on 28/03/2022 under section 144C of the Act, assessing the total income at Rs. 8,09,06,331/-. He proposed addition of Rs. 1,32,01,339/- on account of short-term capital gains, and Rs. 6,77,04,992/- on account of long-term capital gains by way of disallowance of claim of section 54F of the Act already granted by learned CIT(A) for the assessment year 2012 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Act. He, therefore, submitted that the indexed cost of acquisition as directed by the learned CIT(A) may be reduced from the sale consideration. 8. From a reading of the order of the learned DRP, we find that the directions reads as follows: 2.2.12 we note that the assessee has entered into an agreement with the developer M/s. SNR Nirman India Pvt. Td. On 06.04.2013 10.03.2014 where by the assessee has sold and conveyed 29 flats out of 52 flats for a total consideration of Rs. 5,12,07,000/- (it seen that balance 23 flats sold in A.Y 2015-16). However, the assessee failed to declare this income from Long Term Capital Gains. Hence, the Assessing officer has brought in the whole sale consideration of Rs. 5,12,07,000/- as LTCG. Howev ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed that the learned Assessing Officer disallowed the deduction under section 54F of the Act allowed by the learned CIT(A) for the assessment year 2012-13, but as a matter of fact, for the assessment year 2012-13, a Co-ordinate Bench of the Tribunal directed the learned CIT(A) to verify whether the assessee is entitled to claim deduction under section 54F of the Act; that pursuant to such a direction, learned CIT(A) called for remand report of the learned Assessing Officer and such an appeal is pending at that stage. He submitted that unless the entitlement of the assessee to claim benefit of section 54F of the Act is finally decided in the appeal for the assessment year 2012-13, there cannot be any addition on substantive basis in the asses ..... X X X X Extracts X X X X X X X X Extracts X X X X
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