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2017 (7) TMI 658

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....28th December, 2007 passed by the learned Assessing Officer (hereinafter called "the AO") u/s 143(3) of the Income-tax Act,1961 (Hereinafter called "the Act"). 2. The grounds of appeal raised by the assessee in the memo of appeal filed with the Income Tax Appellate Tribunal, Mumbai (hereinafter called "the Tribunal") read as under:- "1. The Learned Commissioner of Income Tax (Appeal) erred in taking the sale consideration of two flat at Rs. 59,64,200/- as valued by D.V.O. Instead of Rs. 53,40 600/- as per Stamp Duty Ready Reckoner. 2. The Learned Commissioner of Income Tax (Appeal) erred in taking the Reinvestment in Flat at Rs, 25,00,000/- instead of Rs. 30,51,846/- (i.e. Rs. 5,51,846/- is Stamp Duty, Registration Charges & Other Mis....

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....e had sold two flats. The assessee was asked to furnish the documents relating to the sale including registration documents. On perusal of the agreement and registration documents submitted by the assessee, it was observed by the AO that in respect of flat No. 101,Sun Mist 'C' CHS Ltd, Plot No. 284, CTS 1435(part) Sherley Rajan Road, Bandra(West), Mumbai- 400050, the market value determined by the Stamp Authorities was Rs. 20,23,483/- as against Rs. 16 lacs shown by the assessee, while in respect of Flat No. 102,Sun Mist 'C' CHS Ltd, Plot No. 284, CTS 1435(part) Sherley Rajan Road, Bandra(West), Mumbai-400050, the Stamp Authorities have determined the market value at Rs. 33,11,148/- as against 26 lacs shown by the assessee. Thus in respect ....

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.... the purpose of purchase of residential house on or before the date for filing of return nor has deposited the same with specified capital gain account with bank, hence deduction u/s 54/54F of the Act was not allowed and capital gain was computed by the AO, vide assessment order dated 28.12.2007 passed u/s 143(3) of the Act, as under:- Sale consideration of flats     (as discussed above)     Flat No. 101 Rs. 20,24,463   Flat No. 102  Rs. 26,00,000 Rs. 53,40,611 Less: Indexed cost of acquisition (as per assessee's own working)   Rs. 28,72,586     Rs.24,68,025 Less: Exempt u/s 54/54F   Rs. Nil   Long term capital gain Rs.24,68,025 4.Aggrieved by the assessment ord....

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....d by the appellate orders dated 15-07-2013 passed by the ld. CIT(A), the assessee filed second appeal before the Tribunal. 7. The ld. Counsel for the assessee contended that the market value of the property should be adopted as per the value adopted by the stamp authorities which was determined at Rs. 53,40,611/- instead of Rs. 59,64,000/-adopted by the DVO, as against actual sale consideration of Rs. 42 lacs for both the flats. It was contended by learned counsel for the assessee that the assessee has invested Rs. 30,51,846/- in the new flat instead of Rs. 25 lacs i.e Rs. 5,51,846 for stamp duty, registration charges and other miscellaneous expenses, which has not been allowed by learned CIT(A). It was submitted that the authorities below....

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....s of the Act, as the valuation adopted by DVO is higher than stamp duty authorities valuation. The assessee is entitled for the deduction u/s 54/54F of the Act in accordance with law for all the investment made in the new eligible before the date of filing of return of income as provided u/s 139 of the Act or wherein the amount is deposited in specified capital gains account maintained with bank before the time stipulated u/s 139(1) of the Act. The assessee has stated to have invested in the new residential property on 23 September, 2005 while the due date of filing return as extended by CBDT was 31.08.2005 but the said investment was made before the expiry of date of filing of return of income as stipulated u/s 139(4) of the Act and the as....