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TMI Blog2024 (12) TMI 121X X X X Extracts X X X X X X X X Extracts X X X X ..... operty, other than a makaan . The contention that the brick-kiln and the built up share has fallen to the shares of other co-owners and, therefore, is not required to be considered, overlooks this point. The present case is centered on appreciation of evidence on record. It is admitted that the registered sale deed of the new property is not confined to the share of the Assessee but also to the other co-owners. It is also admitted that it does not mention any structure other than a makaan and brick kilns and sheds stand on the new property. The learned ITAT noticed that the sale deed of the new property did not refer to the structure as rihayasi makaan, which would be a literal translation of a residential house . Therefore, concluded that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ,23,729/- be allowed as exemption under Section 54F of the Act, was allowed. The assessee has filed a cross objection (CO No. 112/Del/2022) in regard to the denial of his claim of exemption of Rs. 47,49,202/- and Rs. 4,24,182/- under Section 54B of the Act, in respect of two properties, which were raised as an additional grounds. 2. The controversy in this appeal is confined to the decision of the learned ITAT to deny the Assessee its claim for exemption under Section 54F of the Act. The assessee had sold certain lands for a consideration of Rs. 3,23,88,500/-. He had computed the cost of acquisition of Rs. 1,39,64,771/- and had declared long term capital gains of Rs. 1,84,23,729/-. The Assessee claimed that he had purchased immovable proper ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... der. The said photographs are set out below: 5. It is not disputed that the brick-kiln exists on the new property. However, the learned counsel for the Assessee submits that the said brick-kiln is not in the portion of the new property, which the Assessee claims falls to its share. He points out that the registered sale deed in question was in joint names along with two other individuals and claims that the brick-kiln stands on the portion of the land, which falls to the share of the other co-owners. He submits that there is ample evidence on record to show that a residential house was existing on the new property, which fell in the share of the Assessee. He also states that the Assessee had produced the lease deed whereby the said resident ..... X X X X Extracts X X X X X X X X Extracts X X X X
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