9911796707
TMI Blog2024 (10) TMI 862X X X X Extracts X X X X X X X X Extracts X X X X ..... on is available u/s 54F of the Act, in respect of reinvestment of sale consideration received as a result of transfer of original asset, but said exemption u/s 54F of the Act, is available subject to fulfilment of conditions prescribed therein. In the present case, the appellant derived Long-Term Capital Gain and Short-Term Capital Gain for surrendering 65% undivided land. The appellant received 3 flats from the builder. There is no details as to whether all 3 flats are accrued or received by the appellant in respect of transfer of capital asset which is held for more than 36 months or it also pertains to a capital asset which was transferred within 3 years from the date of purchase. There is no discussion as to fulfilment of various other ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee is an individual and filed his return of income for the A.Y 2014-15 on 31/3/2015. The assessment has been reopened on the ground that the income chargeable to tax had been escaped the assessment on account of under assessment of the capital gain arising out of transfer of property in pursuant to JDA. Accordingly, notice u/s 148 of the I.T. Act, 1961 dated 30/01/2017 was issued and served on the assessee. In response, the assessee has filed return of income on 19/12/2017. The case was selected for scrutiny and during the course of assessment proceedings, the Assessing Officer noticed that the assessee, as a land owner, entered into JDA cum GPA on 24/10/2013 in favour of M/s. R.K. Developers, Chittoor for development of 3000 sft ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ,950 in respect of property purchased on 18/03/.2011, however, rejected the claim of the assessee towards exemption claimed u/s 54F of the I.T. Act, 1961. 4. On appeal, the learned CIT (A) upheld the additions made by the Assessing Officer. 5. Aggrieved by the order of the learned CIT (A), the assessee is in appeal before the Tribunal. 6. The learned Counsel for the assessee referring to certain judicial precedents including the decision of the Hon'ble High Court of Andhra Pradesh in the case of CIT vs. Syed Ali Adil (2013) 352 ITR 418 (A.P) submitted that the assessee is eligible for exemption u/s 54F of the Act, in respect of 3 flats received from the Builder for surrendering 65% undivided share in the land in pursuant to the JDA date ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s that he is entitled for 54F exemption in respect of 3 flats received from the builder for surrendering 65% undivided share in land. The Assessing Officer denied the exemption u/s 54F of the Act, on the ground that the assessee has not made any claim in respect of 54F exemption in the original return of income filed u/s 139 of the I.T. Act, 1961. In fact, the Assessing Officer is completely silent on the issue of exemption u/s 54F of the Act. 9. Be that as it may, but fact remains that, if an assessee transfers any property other than residential house property, then exemption is available u/s 54F of the Act, in respect of reinvestment of sale consideration received as a result of transfer of original asset, but said exemption u/s 54F of t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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