2021 (2) TMI 1004

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....ssessment Year 2013-14 vide his order dated 30.03.2016 under section 143(3) of the Income Tax Act, 1961 (hereinafter 'the Act'). 2. The only issue in this appeal of revenue is against the order of CIT(A) for allowance of exemption under section 54 of the Act in regard to the capital gains arising out of sale of flat invested in the flat situated at Crescent Bay apartments at Parel, Mumbai. For this revenue has raised following effective grounds 1 & 2. 1. On the facts and in circumstances of the case and in law, the Ld. CIT(A) failed to appreciate that the assessee had made payment of Rs. 1,06,85,199/- in Crescent Bay Flat, Mumbai and has deposited Rs. 319050001- in the Capital Gain Account Scheme for the A. Y 2013-14 and hence o....

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....use property at Lucknow. However, the Assessing Officer has not considered or allowed exemption under section 54 of the Act in regard to purchase of house by assessee i.e. residential house at Crescent Bay project at the cost of Rs. 5.45 crores. The Assessing Officer restricted the claim to the extent of Rs. 37,80,170/- invested in purchase of flat at Nirala Nagar, Lucknow by observing as under: The assessee deducted the amount of Rs. 4,96,70,369/- from the net capital gains of Rs. 5,35,39,112/ - towards the claim of Sec 54 deduction and paid tax on the balance sum of Rs. 38,68,743/. On closer examination of the computation, it becomes clear that assessee has unduly availed all the monies invested in different projects/ fl....

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.... OF BANK GROSS AMOUNT BANK CHARGES NET PAID 06.12.2012 HSBC BANK 1,100,000 - 1,100,000 05.01.2013 HSBC BANK 9,585,199 - 9,585,199 25.09.2013 SBI CAPITAL GAIN A/C 6,173,753 12,733 6,161,020 17.12.2013 SBI CAPITAL GAIN A/C 545,578 56 545,522 17.12.2013 SBI CAPITAL GAIN A/C 2,728,056 56 2,728,000   Stamp duty paid       19.12.2013 SBI CAPITAL GAIN A/C 2,891,039 56 2,891,039 24.12.2013 HSBC BANK 35,240 - 35,240 04.12.2013 SBI CAPITAL GAIN A/C 2,828,807 56 2,828,751 07.05.2014 SBI CAPITAL GAIN A/C 3,111,681 56 3,111,625 10.07.2014 SBI CAPITAL GAIN A/C 3,111,681....

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....lat at Crescent Bay Apartment, Parle, Mumbai. 6. Aggrieved, the revenue came in appeal before the Tribunal. 7. We have heard the rival contentions and gone through the facts and circumstances of the case. We noted that the assessee has sold a house property for a consideration of Rs. 6.50 crore on which a capital gain of Rs. 5,35,39,112/- was realized. This fact is undisputed. It is also a fact that assessee has booked a residential flat in Crescent Bay apartments at Parel, Mumbai by making an application money of Rs. 11,00,000/- to M/s L&T Parel Project LLP by cheque no. 622032 dated 04.12.2012 on 04.12.2012. The assessee has also made further payments i.e. earnest money of Rs. 95,85,199/- by cheque no. 622039 dated 08.01.2013 in fav....