TaxTMI 
TaxTMI 
2021 (1) TMI 204
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....e assessee is an individual. During the relevant assessment year assessee sold 3000 equity shares in a company called Aditya Auto Products Private Limited for a total consideration of Rs. 2,40,00,000. For the assessment year 2016-2017, the return of income was filed declaring total income of Rs. 3,02,110. In the return of income, the assessee had declared long term capital gains of Rs. 2,05,39,185 on sale of aforementioned shares. Out of the above consideration, the assessee had claimed exemption u/s 54EC and 54F of the I.T.Act amounting to Rs. 50,00,000 and Rs. 1,55,39,185, respectively. As regards the claim of exemption u/s 54EC of the I.T.Act, there is no dispute. With regard to exemption u/s 54F of the I.T.Act, the A.O. during the cours....
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....0,000/- in the REC bonds. A sum of Rs,1,75,83,000/- was paid to the builder from the capital gains account which was confirmed by the builder in reply to the AO's notice u/s 133(6). During the assessment proceedings, the appellant had submitted to the AO a copy of the builder's intimation regarding registration charges to be paid amounting to Rs. 10-12 lakhs. However, even during appellate proceedings, no proof has been submitted of the registration having been completed or this amount having actually been spent. In view of the same, the balance amount of Rs. 1,90,00,000/- out of the consideration received cannot be considered to have been fully utilized towards construction of the new asset and only the sum of Rs. 1,75,83,000/- is to be ....
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....ee has preferred this appeal before the Tribunal. The assessee before the Tribunal has produced the proof of payment of registration charges. The assessee also furnished the proof of total payment of Rs. 1,80,34,321 and letter from the builder confirming the same is also placed on record. The learned AR contended that apart from the above amounts the assessee has also paid further sum of Rs. 33,26,923 towards the construction of the property. Therefore, it was submitted that the assessee has utilized the entire sale consideration of shares towards construction / purchase of a residential property. It was contended that delay in completion of the registration of the property cannot be attributed to the assessee and the assessee was prevented....