TaxTMI 
TaxTMI 
TaxTMI 
2022 (1) TMI 1148
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....0/- claimed under Section 54B of the Income-Tax Act, 1961 ("the Act" in short). 3. In response to the notice of hearing, no one has come present on behalf of the assessee. Therefore, with the assistance of learned Departmental Representative, we have gone through the record carefully and proceed to dispose of the appeal ex-parte qua the assessee. 4. Before the learned First Appellate Authority, the assessee has filed written submissions and those submissions have been reproduced by the learned First Appellate Authority in paragraph No.3 of the impugned order. These submissions would make the issue clear on factual aspects; therefore, we deem it appropriate to take note of these submissions of the assessee alongwith the findings of learned....
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....lculation of long term capital gain is Rs. 14,07,894/- as calculated above. Details of Agricultural Land Purchased is given as under - Purchased agricultural land and investment is made as under - (i) Block/ R.S.No. 592, Village Anstu, Tal. Karjan, Dist. Vadodara Purchase Price Rs. 5,24,500 Stamp Duty Rs. 26,000 Registration Charges Rs. 5,370 Total Rs. 5,55,870 (ii) Block/R.S.No.591, Village Anstu, Tal. Karjan, Dist. Vadodara Purchase Price Rs. 13,30,500 Stamp Duty Rs. 65,200 Registration Charges Rs. 13,450 Total Rs. 14,09,150 (i)+(ii)=19,65,020/-. My Share is 50% of Rs. 19,65,020 - 9,82,510 (iii) Block/R.S.No.463, R.S.No. 445 and 448/2 Village Samsabad, Tal. & Dist. Vadodara Purchase Price ....
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....P&H) (iv) CIT Rohtak v/s Shri Jagtar Singh Chawla reported in LD/61/82 Held, Where assessee has proved payment of substantial amount of sale consideration for purchase of a residential property within extended period of limitation of filing of return and acquired a residential house before end of next Financial Year in which sale has taken place, assessee would not be liable to pay any capital gain. The facts of the my case is similar to facts of the above said cases and hence exemption U/s 54F is applicable in my case. Therefore, I request your honor kindly appeal may be allowed. " 4. I have considered the order of the AO and the written submissions of the appellant. A.R. is also heard in the matter. 4.1 One of the reason for w....
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....acts are different in those case laws relied upon hence ratio decidendi cannot be adopted in this case. 4.3 In a landmark judgment dated 31.07.2018, while over-ruling a 1971 judgment in the Sun Export case that held that had held a contrary view, a five-judge constitution bench said that "exemption notification should be interpreted strictly, the burden of proving applicability would be on the assessee to show that his case comes within the parameters of the exemption clause of exemption notification ". " When there is ambiguity in exemption notification, which is subject to strict interpretation, the benefit of such ambiguity cannot be claimed by the suspect / assessee , it must be interpreted in favour of the revenue, the court held i....
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....s of learned First Appellate Authority would indicate that deduction under Section 54B of the Act has been disallowed by the Assessing Officer by holding that the assessee did not file return under Section 139(1) of the Act and he has not deposited the sale proceeds in the capital account. The major emphasis of the learned First Appellate Authority is that the assessee should have deposited capital gain in a bank account meant for this purpose; only then he can claim deduction under Section 54B of the Act. In these submissions it would reveal that the assessee has specifically shown the receipt as well as investment for purchase of agricultural land. Both these things have been made almost simultaneously. Section 54B of the Act authorizes a....