9911796707
TMI Blog2025 (3) TMI 590X X X X Extracts X X X X X X X X Extracts X X X X ..... olding the denial of deduction under section 54F on sale of gold, ornaments and silver utensils and for disallowing, the deduction already allowed u/s 54F in the intimation on the sale of shop. Therefore I have decided to take up all the grounds together and to dispose of through the present consolidated order. 3. Ld. AR appearing on behalf of the assessee reiterated the same arguments as were raised by him before the revenue authority and also relied upon written submissions. The contents of the written submissions filed by the assessee are reproduced herein below: With Reference to above appeal we would like state that Appellant Mr. Mahendra Dedhia filed return of Income for AY 2014-15 on 17.05.2015 declaring income of Rs. 272,680/- af ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was raised on 13.07.2020. in the response of grievance, the appeal was filed on 28/08/2020. In response to Notice Raised U/s 250 of Income Tax Act 1961 Dated 16.03.2021, 15.06.2021. 07.06.2021, 06.08.2022, 10.05.2023, 26.09.2023, 17.01.2024 the written submissions were done and following documents were submitted: 1. Statement of Income for the Year end 31.03.2014 2. Intimation Order us 143(1) dated 17.06.2015 3. Rectification Application us 154 submitted on 21.03 2017 4. E nirvana Application filed on 13.07.2020 5. Copies of sales Bills of gold ornaments and silver. 6. Copy of Purchase agreement for Shop Sold. 7. Extract Copies of agreement for new flat Purchased. No actions were taken against the above submissions since 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... VS ACIT, CIRCLE -3 (1)(2), MUMBAI-2024(1) TMI 650-ITAT MUMBAI also had similar view. 4. On the other hand, Ld. DR appearing on behalf of the department relied upon the orders passed by the revenue authorities. 5. I have heard the counsel for both the parties and have gone through the documents placed on record, judgements cited before me and the orders passed by the revenue authorities. From the records, I noticed that the facts of the case are that assessee had claimed capital gain exemption under section 54F of Rs. 19,85,387/- for investment in new residential flat in joint name and details of the capital assets sold and exemption claimed by the assessee is as follows. Particulars Sale Date Sale Price Purchase Date Purchase Cost ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pital gain deduction cannot be verified and hence disallowance of Rs 12,31,137/- made by the AO CPC was confirmed and deduction of Rs. 7,54,250/- claimed under section 54F on sale of the shop was added back. 8. Ld. AR vehemently argued that before the assessee could respond to the notices issued by Ld. CIT(A), the appeal was dismissed and even enhancement notice under section 251(2) of the Act was also not served and no reasonable opportunity was provided before enhancement. 9. After having gone through the facts of the present case, I am of the view that the provisions of section 251(2) of the Act are mandatory in nature and CIT(A) was to provide reasonable opportunity of show cause before enhancing the assessment and in this regard I fo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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