2017 (6) TMI 122

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....Rakkiappan, were joint owners of an immovable property measuring 4.78 acres situated at survey No.324/2, patta No.233 in Perurchettipalyam Village. Assessee Shri. R. Rakkiappan, as per ld. Authorised Representative was one of the joint owners of another immovable property measuring 4 acres at S.F.No.322, Joint Patta 36, in the very same village, which was adjacent to the property held by other three assessee's. As per ld. Authorised Representative all the assessee's except Shri. R. Rakkiappan had filed their returns for the impugned assessment year on 13.05.2015 pursuant to notices issued u/s.148 of the Act. As per ld. Authorised Representative Shri. R. Rakkiappan had filed his return on 19.06.2015. Referring to the reasons for issuing the ....

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....wers of ld. Assessing Officer only with regard to a fresh claim, but appellate authorities could consider a claim which was statutorily allowable to the assessee. Reliance was placed on the judgment of Hon'ble Apex Court in the case of National Thermal Power Co. Ltd vs. CIT 229 ITR 383. 3. Per contra, ld. Departmental Representative submitted that assessee's in their respective returns had claimed deduction u/s.54B of the Act on the gains arising on sale of the land. According to the ld. Departmental Representative assessee itself had admitted the agricultural land to be lying within 8 Kms peripheral limits of Coimbatore Corporation. Thus, according to ld. Departmental Representative the claim made by the assessee before ld. Commissioner....

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.... than 8 Kms from the corporation limit. I had purchased an agricultural land for *Rs.25,19,995/- in accordance with Section 54B of the Income Tax: Act, 1961 and also bought a vacant site for Rs. 3,35,990/- in accordance with Section 54 F of the Income Tax Act, 1961. I have also spent an amount of Rs. 19,77,928/ - for constructing a residential house. This amount of Rs. 19,77,928/- was been received from my mother (Pappammal) through a joint construction agreement. I am now filing the return of income for the assessment year 2008-09''. It may be true that in returns filed assessee's had not have made a specific claim that agricultural land sold was beyond 8 km from Corporation limit. However, the returns were filed after the above referre....