2020 (8) TMI 67

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....the assessee has filed a petition seeking condonation of delay, wherein, it was, submitted that she could not get leave between the period 26/12/2018 & 27/12/2018 from her employ being the fag end of the year, due to which, the appeal was filed on 28/12/2018 i.e., with a delay of 2 days. To this effect, she also filed an affidavit affirming the said reasons which were beyond the control of the assessee. It was, therefore, prayed that the delay of two days in filing the appeal may be condoned and the appeal may be hear on merits. 2.1 As the assessee was prevented by a reasonable cause in filing the appeal with a delay of 2 days, We hereby condone the said delay in filing the appeal and proceed to hear the appeal on merits. 3. The assessee ....

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.... SRO value of the property invoking the provisions of section 50C of the Act and after granting the benefit of indexation and cost of improvement, computed the LTCG at Rs. 99,39,240/- for the entire sale of the asset. Since the assessee's share was only 25% of the asset sold, the LTCG in the hands of the assessee was determined at Rs. 24,84,800/-(¼th of Rs. 99,39,240/-). The assessee claimed deduction U/s. 54F of the Act. However, the Ld. AO disallowed the claim of deduction U/s. 54F of the Act by stating that she already owns one residential house other than the property sold. On appeal, the Ld. CIT (A) dismissed the appeal of the assessee and confirmed the order of the Ld.AO for denying the benefit of deduction U/s. 54F of the Act ....