2022 (3) TMI 889

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....s which are as follows: "1. That the order of the learned Commissioner of Income Tax (Appeals) - 7, Chennai ("hereinafter referred to as Ld.CIT(A)") dated 28.11.2019 is without jurisdiction and is opposed to the principles of law, weight of evidence, probabilities, equity, natural justice, fair play and the facts and circumstances of the case of the appellant. 2. That the Ld.CIT(A) erred in confirming the action of the Assessing Officer in not considering the sum of Rs. 50,00,000/- invested in new house property while computing the amount of exemption U/s.54F. 3. That the Ld.CIT(A) failed to appreciate that merely because borrowed funds were utilized for acquisition of new house property does not mean that exempti....

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....come from capital gain. Out of investment of Rs. 2,30,00,000/-, Rs. 1,80,00,000/- from sale of property and Rs. 50,00,000/- from borrowed capital, loan from HDFC bank. Further, assessee claimed the cost of improvement for Rs. 8,00,000/- as additional benefit of the section 54F of the Act. The assessee filed additional grounds for further claimed Rs. 18,40,160/- as stamp duty and registration U/s 54F of the Act which was he incurred for purchase of new property. 4. The assessee filed an appeal before the Ld. CIT(A). The ld CIT(A) disallowed the following grounds of the assessee which were agitated by the assessee during appeal hearing. The grounds are as follows:- the investment in property through borrowed fund amount to Rs. 50,00,000/- ....

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....sessee has paid the balance amount towards the cost of the new property of an amount of Rs. 50,00,000/- out of borrowed funds. Hence AO was correct in restricting the claim u/s. 54F to Rs. 1,80,00,000/- only." 6. The Counsel of the assessee vehemently argued and submitted the paper book dated 20.12.2021 and the following details are submitted before the bench: "Sl.No Brief description of the document 1 Declaration from the authorised representative. 2 Computation statement of total income for the Assessment Year 2013-14. 3 Copy of sale deed dated 30.11.2012 in evidence of purchase of new house property. 4 Copy of bill dated 21.01.2013 submitted by M/s. Lokesh Constructions towards the cost of improvements ca....