TaxTMI 
TaxTMI 
2020 (4) TMI 12
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....eduction u/s 54F of Rs. 16,84,080/- and u/s 54 ofRs. 76,25,040/- without appreciating the fact that the assessee had failed to comply the conditions as stipulated in section 54F and in section 54 of the IT Act?" 2. "Whether on the facts and in the circumstances of the case and in law, the Ld CIT(A) has erred in deleting the disallowance u/s 54F of Rs. 16,84,080/- and u/s 54 of Rs. 76,25,040/- without appreciating the fact that the ratio of decisions relied upon by him are not applicable to the facts and circumstances of the case?" 3. "Whether on the facts and in the circumstances of the case and in Law, the Ld. CIT(A) has erred in deleting the addition made by the A.O. u/s. 68 of the I.T. Act of Rs. 5,00,000/- in respect o....
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....sts Rs. 2,75,590 Whilst the assessee submitted the details of cost of acquisition and cost of improvement, no details in respect of other costs of Rs. 2,75,590 was submitted. Accordingly, the AO computed the capital gains on sale of shop at Rs. 19,59,670. The assesses had sold her flat on 14.11.2013 and earned long term capital gains on sale of flat amounting to Rs. 76,25,040. The assessee claimed the deduction of Rs. 76,26,040 u/s. 54 and Rs. 16,84,080 u/. 54F on sale of flat and shop. 5. To claim the said deductions, the assessee was required to purchase a property within one year before or two years after or construct a property within three years from the date of sale. The assessee contended that she had invested the gains into....
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....he Statutory authorities for sanctioning of the building plans for the proposed building to be constructed. Clause 16 of the allotment letter clearly states that "Pending the execution of the Agreement for Sale, we have issued this allotment letter in respect of the said Flat/s and you shall be required to execute such Agreement which the same shall be binding on both the parties.....on the execution and registration of the Agreement for Sale, this Allotment Letter shall be ipso facto cancelled and shall be treated as null and void. This original Letter of Allotment shall be surrendered to us at the time of execution of the Agreement for Sale. Clause 22 further states that "This letter of Allotment shall be final and bindi....
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....e AO in denying the claim of exemption under section 54 in the instant assessment year. Therefore, in view of the binding decisions of the jurisdictional High Court and ITAT as well other co-ordinate benches of ITAT in similar facts, I hereby hold that the assessee is allowed the benefit of deduction claimed u/s. 54 and 54F of the Act on the basis of the letter of allotment as the assessee has paid substantial amount of consideration to the builder and hence, the addition made by the AO is hereby deleted." 8. As regards the addition of Rs. 5,00,000/- as unexplained cash credit learned CIT(A) referred to the decision of Hon'ble Bombay High Court in the case of CIT Vs. Bhaichand H. Gandhi (141 ITR 67) for the proposition that ....