2019 (6) TMI 1046

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.... CIT(A) has erred in confirming the denial of exemption claimed under section 54F of the Income Tax Act, 1961 ["Act" in short]. 2. Brief facts of the case are that the assessee filed here return of income for the assessment year 2012-13 on 28.07.2012 admitting a total income of Rs..34,670/-. The assessment in this case was reopened and notice under ection 143(2) of the Act dated 18.02.2015 was issued. On perusal of the assessment records, the ld. PCIT passed order under section 263 of the Act on 30.03.2017 after affording opportunity to the assessee on the issue of interest on borrowed capital and claim of deduction allowed under section 54F of the Act. Accordingly, after considering the submissions of the assessee, the Assessing Officer....

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....ht on record. Mere agreement without payment evidence, the authorities below have rightly denied the claim of deduction and pleaded for upholding the same. 5. We have heard both the sides, perused the materials available on record and gone through the orders of authorities below. During the previous year relevant to the assessment year 2012-13, the assessee sold a vacant plot at Gurgaon, Haryana for a consideration of Rs..75,00,000/- after reducing the index cost of acquisition [Rs..3,77,585/-] the net long term capital gains was arrived at Rs..71,22,415/-. Out of this, long term capital gain, a sum of Rs..59,22,521/- was claimed as deduction under section 54F of the Act towards investment in new flat. Another sum of Rs..15,77,479/- was ....