2020 (9) TMI 69

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....the case. 3. Heard both parties and perused the material available on record. The assessee is an individual sold agricultural land which was inherited through her father along with others. The sale consideration being 1/6th is Rs. 70,16,667/-. On perusal of record it is noted that the date of transfer of subjected property was on 26-08-2011. The contention of Assessing Officer was that since the date of transfer of asset was on 26-08-2011 the Capital Gains should be assessed in A.Y. 2012-13. We note that the assessee contended that the major portion of sale consideration (Rs. 30,00,000/- and Rs. 31,66,666/-) were realized on 07-04-2012 and 14-07-2012, respectively the Capital Gains should be assessed in A.Y. 2013-14. The said contention w....

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....months as required u/s. 54E of the Act. 5. Another contention of Assessing Officer was that the assessee must have declared Capital Gains in the year under consideration before due date of filing of return i.e. 31-07-2012 relevant to the year under consideration. We note that though the assessee received major consideration as stated above on 07-04-2012 and 14-07-2012 made investments only on 31-12-2012 onwards which is appears to be beyond 6 months. 6. The ld. DR, Shri Alok Malviya submits that the AO called upon the details of payments from the bank authority for verification and it was found the assessee has not utilized the sale consideration within stipulated period for acquisition of new asset i.e. purchase of flat or construction o....