TaxTMI 
TaxTMI 
2021 (2) TMI 1004
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....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 only Rs. 42590199/- is eligible for the exemption u/s.....
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....t 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/ flat/ account as deduction from net capital gains to reduce his tax liability.....
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....00 - 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 56 3,111,625 10.09.2014 SBI CAPITAL GAIN A/C 3,111,681 56 3,111,625 01.12.2014 SBI CAPITAL GAIN A/C 3,111,681 56 3,111,625 26.03.2015 SBI CAPITAL GAIN A/C 3,111,681 56 3,11....
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....s 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 favour of M/s L&T Parel Project LLP. Accordingly, an allotment letter-cum-agreement was entered into between the builder M/s L&T LLP and the assessee on 05.01.2013 made the payments as reproduced in above paragraph and a schedule is given above paragraph no.4. It is also a fact that the property at Lucknow was purchased vide agreement executed by ass....