2022 (3) TMI 436

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....on facts in accepting the additional documents/evidences submitted at appellate stage. 2. Ld. CIT(A) has erred in law and on facts in allowing the deduction u/s 54F of the Income Tax Act. 3. Ld. CIT(A) has erred in law and facts in not adjudicating upon the unsubstantiated exaggerated cost of improvement. 3. Briefly the facts are, the assessee is a resident individual. For the assessment year under dispute, assessee filed his return of income on 27.11.2014 declaring income of Rs. 90,56,430/-. Assessee's case was selected for limited scrutiny to examine huge increase in annual lettable value of house property without any capital gain income offered by assessee. In course of assessment proceeding, after verifying the details called for a....

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....ce of cost of improvement amounting to Rs. 1,65,39,435/- and deduction claimed under section 54F of the Act towards investment in a new residential house. However, learned Commissioner (Appeals), after due inquiry and verification of the relevant facts having found that the new asset purchased by the assessee is a residential house, has allowed the claim of deduction under section 54F of the Act. On perusal of the materials on record, it is noticed that in course of proceeding before the first appellate authority, the assessee has furnished the sale-deed of the property purchased by him indicating that it is a residential house. The evidence furnished by assessee was forwarded to the Assessing Officer for verification. After receiving the a....