TaxTMI 
TaxTMI 
2015 (4) TMI 1176
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....sing Officer in connection with the expenditure incurred with regard to income which do not form part of total income under the Act. 3. The brief facts of the case are that the assessee had filed the return for the assessment year 2008-09 on 31.7.2009 and for the assessment year 2009-10 on 30.7.2009 declaring an income of Rs. 15,55,32,364/- and Rs. 4,06,84,290/- respectively. The returns have been processed u/s.143(1) of the Act. The cases were selected for scrutiny and notices u/s.143(2) were issued. The assessments were completed u/s.143(3) of the Act determining the total income at Rs. 15,64,46,029/- and Rs. 10,90,75,095/- for the assessment years 2008-09 and 2009-10 respectively by making certain additions. For the assessment year 2008....
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.... to the tune of Rs. 6.50 crores. 7. The facts of this issue are that in this assessment year 2009-10, the assessee has claimed deduction u/s.54F to the extent of Rs. 6,50,00,0000/- on purchase of agricultural land. On verification of property documents submitted by the assessee, it was found by the Assessing Officer that on the date of transfer of capital assets, the following two properties are owned by the assessee and has claimed deduction u/s.54F of the Act in his return of income for the assessment year 2008-09 and the same was allowed: (i) Property at Flat No.612, Olympus, 5C, Altamount Road, Cumballa Hills, Mumbai - 26 - Purchased from Smt. Gisela Advani on 16.1.2007. (ii) Property at No.607, B Wing, Altamount Road, Cumballa Hil....
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.... of land at Alibagh Taluka, Dhokawde Village, Maharashtra for Rs. 40,00,000/- totaling to Rs. 6,50,00,000/-. The assessee has claimed exemption u/s.54F for the coast of land at Rs. 4,46,26,000/- including registration charges for the land of 16940 sq.meters. The assessee has completed the construction on this land by July 2011 i.e. within 3 years from the date of investment made in capital gains accounts scheme. The total amount of cost of construction incurred by the assessee is at Rs. 1,54,49,220/-. The amount utilized as on 7.7.2011 out of the investment made in capital gains accounts has been disclosed in the income tax return for the financial year 2011-12 relevant to the assessment year 2012-13 and offered for taxation at Rs. 49,24,78....
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....enovation by Olympus Cooperative Housing Property Ltd., for sale of flat No.6112 layout of combined Flat Nos. 607/612 of Olympus Apartments and certificate from V.S.Modi Associates. The Assessing Officer's question is that on the date of capital gain transaction i.e. on 7.7.2008, how many residential properties the assessee was holding. The Assessing Officer states that the submissions by the assessee did not support the assessee's contention of holding single residential unit on the date of transfer of capital gain and also no supporting documents were received from the assessee regarding completion of renovation and occupation of the assessee in the combined residential unit of flat Nos.607 & 612. Further, according to the Assessing Offic....