TaxTMI 
TaxTMI 
2022 (4) TMI 664
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.... and 2012-13 are against an ex-parte order of Commissioner of Income Tax(Appeals)-7, Mumbai [in short 'the CIT(A)'], dated 15/11/2019 for the respective assessment years. ITA NO.7109/MUM/2012(A.Y.2004-05): 2. This appeal by the assessee is against the order of Commissioner of Income Tax (Appeals)-3, Mumbai [ in short 'the CIT(A)] dated 27/03/2012 for the assessment year 2004-05. The assessee in appeal has raised as many as ten grounds. The issues that emerges from the grounds of appeal are valuation of property as on 01/04/1981 and consequent determination of Long Term Capital Gain(LTCG) and denial of exemption under section 54F of the Income Tax Act, 1961 ( in short 'the Act'). 3. This appeal is time barred by 185 days. The assess....
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....he Act. The case of the assessee is on same footing. The ld. Representative for the assessee referred to para 24 of Tribunal order dated 10/12/2019(supra). 5. Shri B.K.Bagchi representing the Department defended the impugned order. However, the ld.Departmental Representative fairly admitted that the issue relating to exemption u/s. 54F has been decided by the Tribunal in the case of assessee's father who was joint owner of the property. 6. We have heard the submissions of rival sides and have examined the orders of authorities below. The solitary issue urged in the present appeal by the ld. Representative for the assessee is with regard to assessee's claim of exemption under section 54F of the Act. Undisputedly, the assessee was joint....
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....ement. 24. Coming to the exemptions, we notice that the development agreement was entered by the assesse along with his son with share of 73:27 between them and it is clear that there exist 2 penthouses and two individual assessees. Therefore, each assessee will get separate exemption u/s 54F of the Act. This benefit is legally available to both the assessees. There are catena of cases in which courts have held that when there exists two portion of flats with one kitchen then the whole combined portion of the area will be treated as one single unit for the purpose of granting exemption u/s 54 as well as 54F. Accordingly, we direct the AO to grant exemption u/s 54F of the Act to each assessee and as per their choice. On record, asse....
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....the findings of the Tribunal at para -35 of the said order. 10. The ld.Departmental Representative representing the Department vehemently supported the assessment order, however, the ld.Departmental Representative admitted that the issue has been adjudicated by the Tribunal in the case of assessee's father in assessment year 2004-05. 11. Both sides heard. The Assessing Officer has disputed the claim of assessee in respect of sale of land as Long Term Capital Gain. The Assessing Officer rejected the contention of assessee that sale consideration includes consideration for land. In First Appellate proceedings, the CIT(A) granted relief to the assessee by following the order of his predecessor in the case of assessee's father and the dec....
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....hare, therefore we are inclined to accept the findings of Ld. CIT(A) in distributing the sale proceeds into sale proceeds attributable to the land and super structure. Accordingly, we reject the contentions of the revenue and dismiss the grounds of appeal raised by the revenue." The Revenue has not been able to controvert the aforesaid findings. Thus, in view of undisputed facts of the case and the aforesaid decision by the Tribunal, we find no merit in the appeal by the Revenue, hence, the same is dismissed being devoid of any merits. ITA NO.91/MUM/2020, A.Y. 2011-12: ITA NO.92/MUM/2020, A.Y. 2012-13: 12. The ld. Authorized Representative of the assessee submitted that the CIT(A) has decided the appeals for 2011-12 and 2012-13 ....