TaxTMI 
TaxTMI 
2020 (6) TMI 319
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....r: 1. The Appellant filed his Return of Income on 28-02-2018 declaring an income of Rs. 1,78, 97,540. 2. During the Financial Year 2015-16 the Appellant sold his residential site for Rs. 1,31,67,000 on 28-082015, 130000 equity shares of Ficus Pax Limited for Rs. 2,40,50,000 and claimed the benefit of exemption u/s 54F against the purchase of a villa on 16-07-2015 for Rs. 1,48,49,300. 3. The Appellant submitted all documents and information called for and furnished a written submission with complete details of calculation. 4. The Order of the Learned Assessing Officer, in so far as it is against the Appellant is opposed to law, equity, weight of evidence, probabilities, facts and circumstances of the case.....
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....l may be allowed, and justice rendered. 3. It was submitted by learned AR of the assessee that as per para 4.3 of the order of CIT(A), learned CIT(A) has observed that as per sale deed dated 16.07.2015, the villa purchased by the assessee was already completed. He also pointed out that para 4.2 of the sale deed is reproduced by learned CIT(A) in which it is stated that the "developers have completed the construction and have delivered the purchasers actual, physical, vacant possession of Schedule 'C' Villa and before taking the possession, the purchasers have inspected and satisfied as to completion of all the works in Schedule 'A' Property including in the Schedule 'C' Villa". He submitted that as per averment in the sale deed, it is cl....
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....e Assessment Order regarding sale of shares but in para 4.0 of his order, it is noted by learned CIT(A) that assessee had also sold some equity shares during the year under consideration. In para 4.2 of his order, it is noted by learned CIT(A) that date of sale deed of new asset is 16.07.2015 and date of completion of construction as claimed by the assessee is 13.06.2016 and date of completion certificate issued by BBMP is 04.02.2017. In para 4.3 of his order, learned CIT(A) has noted that date of completion is actually 16.07.2015 and in this regard, he has reproduced para 4.2 of the sale deed. In para 4.4 also, it is stated that the villa was completed on 16.07.2015. In para 4.6 of his order, learned CIT(A) has noted that the capital ga....
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.... is allowable to the assessee because this is a fact noted by learned CIT(A) in para 5.0 of his order that the residential house was acquired by the assessee jointly with his daughter. Now the question is how much amount was invested by the assessee and how much amount was invested by his daughter for acquiring this new residential house property. As per para 5.1 of his order, learned CIT(A) has held that even if deduction is allowed to the assessee under section 54F of the Income Tax Act, 1961, the deduction allowable cannot be more than 50% of investment in the new asset and he has also stated that since the entire exemption is already been disallowed in the present case, this issue is not being discussed further. Under these facts, we fe....