TaxTMI 
TaxTMI 
TaxTMI 
2022 (7) TMI 492
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....0802, EMMAR PALM TERRACES which were located at two different locations. After considering the facts of the case, the Assessing Officer held that the assessee was eligible for deduction u/s 54 with respect to only one of the aforesaid properties and accordingly limited the deduction claimed by the assessee u/s 54 to Rs. 49,14,447/-. The balance amount of capital gain amounting to rs. 27,49,611/- was held to be taxable in the hands of the assessee. 3 As against the assessment order dated 22/12/2016, the assessee has filed the appeal before the Ld. CIT(A). The Ld. CIT(A) has dismissed the appeal by confirming the addition made by the assessee vide order dated 13/02/2018. 4. Aggrieved by the order dated 13/02/2018 passed by CIT(A), the assessee has preferred the present appeal on following grounds. Appeal against the order u/s 143(3) of the Income Tax ACtd, 1961 ('the Act') dated 13.02.2018 for the Assessment Year 2014-15, passed by the ACIT, Circle 4(1), Gurgaon. 1. The order passed by the Learned Commissioner of Income Tax (Appeals)-l ["Ld. CIT(A)"] under Section 250(6) of the Act is bad in law and on the facts and circumstances of the case. 2. The Learned Commissioner of In....
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....ther purchase or construction of a residential house. The phrase a residential house in these sections has been differently interpreted. 9. The Learned Commissioner of Income Tax (Appeals)-l ["Ld. CIT(A)"] and Ld. Assessing Officer ('AO') grossly erred in not considering the fact that the assessee had inherited the property by executing the agreement to sell for purchasing the new flat as defined under Section 2(47) of the Act which defines the term transfer in relation to a capital asset. 10. The Learned Commissioner of Income Tax (Appeals)-l ["Ld. CIT(A)"] and Ld. Assessing Officer ('AO') grossly erred in not considering the fact that the intention behind Section 54 was to give relief to a person who had transferred his residential house and had purchased another residential house within two years of transfer. 11. The Learned Commissioner of Income Tax (Appeals)-l ["Ld. CIT(A)"] and Ld. Assessing Officer ('AO') grossly erred in not considering the dictum laid down by the Hon'ble Supreme Court in Sanjeev Lal and ors Vs. Commissioner of Income Tax, Chandigarh & Anr. Reported in (2015) 5 SCC 775. 12. The Learned Commissioner of Income Tax (Appeals....
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....es not affect the legal position stated above. Since the builder had some legal issues he could not continue the construction and therefore demand not raised and assessee is not able to pay the due from capital gain. More over the repayment of Housing loan also be treated as investment of residential house as the assesse is paying the same from sale proceeds of his house sold during the year ie. unit no 95 greenwood city Gurgaon. Further to justify the points, the Appellant may be allowed to produce the additional documents and supporting evidences as part of our appeal. 19. That on the facts and circumstances of the case and in law the Ld. AO/ Ld. TPO erred in not examining the section 54 of the Act in its right perspective. 20. That the appellant craves leave to add, alter, amend or withdraw any ground of appeal either before or at the time of hearing of this appeal as they may be advised. That, the above grounds are independent and without prejudice to each other." 5. The entire grounds of Appeal No. 1 to 20 are against disallowance of deduction claimed u/s 54 of the Act which is the solitary issue involved in the present appeal. 6. We have heard the parties, perused the m....
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....he capital gain. (ii) The amount of the capital gain which is not appropriated by yhe assesses towards the purchase of the new asset made within one year before the date on which the transfer of the original asset look place, or which is not utilised by him for the purchase or construction of the new asset before the date of furnishing the return of income under section 139 shall be deposited by him before furnishing such return [such deposit being made in any case not later than the due date applicable in the case of the assesses for furnishing the return of income under sub-section (1) of section 139] in an account in any such bank or institution as may be specified in, and utilised in accordance with, any scheme which the Central Government may, by notification in the Official Gazelle, frame in this behalf and such return shall be accompanied by proof of such deposit: and, for the purposes of subsection (I), the amount, if am. already utilised by the assesses for the purchase or construction of the new asset together with the amount so deposited shall be deemed to be the cost of the new asset. Provided that if the amount deposited under this subsection is not utilised wholly....