2013 (4) TMI 607

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....ns Account scheme was taken by the assessing officer at Rs.47 lakhs instead of actual investment of Rs.55 lakhs. 2. The facts relating to the issues are stated in brief. A person named Shri P.K. Parameswaran Nair acquired an agricultural land admeasuring 112.418 cents in Anchamada Village, Kowdiar, Trivandrum. He transferred the said property in the year 1980 in favour of his two children by way of a settlement deed viz., his son named Shri Suresh Babu was given an extent of 57 cents and 47 square links and his daughter named Smt. Shyamala Kumari was given an extent of 55 cents and 371 square links. Smt. Shyamala Kumari is married to Shri V.K.Mohan. The assessee herein and her elder sister Ms. Anjana Mohan are the children of the Smt. Sh....

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.....Mohan in respect of that property also. Thus, shri V.K.Mohan became Power of Attorney holder of entire extent of 112.418 cents. 5. The entire extent of 112.418 cents was later sold a construction company named M/s Nikunjam Construction (P) Ltd by way of a sale deed dated 28.05.2005. Though the sale deed was dated 28.05.2005, the actual registration took place on 17.08.2005. It is pertinent to mention about certain infirmities in the said sale deed. As stated earlier, the sale deed is dated 28.05.2005. The power of attorney in favour of Shri V.K.Mohan was executed both by the assessee herein and her sister Ms. Archana Mohan on 13-07-2005, i.e., subsequent to 28.05.2005. However, in page no.2 of the sale deed dated 28.05.2005, the parties....

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....nmugal on which exemption u/s 54B was claimed by him. Further the assessee also claimed exemption u/s 54F in respect of house property purchased in Thirumala. 8. The assessing officer held that the assessee is not eligible for exemption u/s 54B of the Act as the land sold was not an agricultural land. However, he accepted the claim of exemption u/s 54F and accordingly computed the capital gain by giving applicable deduction relatable to the deposit of Rs.47.00 lakhs made in the capital gain account scheme. Afterwards, the assessing officer recomputed the long term capital gains by making various adjustments. 9. Aggrieved by the order of the assessing officer, the assessee carried the matter in appeal before Ld CIT(A). The Ld CIT(A) pa....