2021 (9) TMI 1215

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....During the course of assessment proceedings, the assessee has admitted capital gains of Rs..18,12,563/- and claimed an exemption under section 54F of the Income Tax Act, 1961 ["Act" in short] towards purchase of house for a cost of Rs..18.53 lakhs on 21.10.2008. The source of funds required for this purpose was said to be out of sale consideration of Rs..47.66 lakhs received by the assessee arising out of sale of building for a consideration of Rs..76 lakhs vide document number 1276 of SRO, Mylapore. But, the registering authority fixed the value of the land at Rs..1,43,00,000/-. The assessee claimed his share of sale consideration at Rs..47.66 lakhs arising from the above value of the property fixed by the registering authority on estimate....

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....roperty was sold on 06.05.2013 and purchased the property on 04.07.2016, which is two years beyond the transfer of capital asset, the assessee is not entitled for the benefit under section 54 of the Act and the same was brought to the notice of the assessee. Before the Assessing Officer, the assessee has filed a Xerox copy of sale agreement dated 08.04.2015 between the assessee and the seller Shri M. Elumalai & Smt. B. Deepa and submitted that as per agreement, the assessee has already paid Rs..10,90,000/- to the sellers on 08.04.2015 and the balance amount of Rs..10,000/- has to be paid within two years from the date of agreement i.e., 08.04.2015. According to the Assessing Officer, the Xerox copy of the agreement submitted by the assessee....

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....he other hand, the ld. DR has submitted that the Xerox copy of the agreement submitted by the assessee dated 08.04.2015 is not a genuine one and there is no signature of the assessee. He further submitted that the sale deed dated 04.07.2016 clearly mention that the sellers have been received full consideration on the date of sale and possession was also given on the same day. It was further submission that the recital in the registered sale deed is a conclusive proof that the alleged agreement shown by the assessee dated 08.04.2015 is only an after-thought and submitted that the assessee is not eligible for the benefit under section 54 of the Act. 5. We have heard both the sides, perused the materials available on record and gone through t....