TaxTMI 
TaxTMI 
2022 (1) TMI 1264
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.... (i) Denial of Long Term Capital Gain and (ii) Denial of deduction u/s.54 of the Act.Since the facts and circumstances are identical in both the appeals, consolidated order is being passed for the sake of convenience and brevity. ITA No.321/Hyd/2018 3. The assessee has raised the following grounds of appeal : 4. Briefly stated facts are that the assessee is an individual and sold his property along with his brother Mohammed Layeeq bearing No.2-2-184/1 (Plot No,9), Turab Nagar, Amberpet, Hyderabad for a sale consideration of Rs.23,50,000 vide Sale Deed No.3347/2008 for the F.Y. 2008-09. This property is a joint property of assessee and his brother Mohd. Layaeeq. However, it was found that the assessee has not filed any Return of Income. O....
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.... Mohd. Saleem vide document No.3374/08 dt.15.10.2008 from one Sri K. Banu admeasuring 185 sq. yds for a consideration of Rs.49,90,000. The assessee claimed long term capital gain for indexation benefit. The Assessing Officer as well as CIT(A) did not agree with the assessee since the agreement of sale dt.5.10.2000 is not registered. The Assessing Officer completed assessment on 30.12.2016 determining the total income of the assessee at Rs.9,28,000. Aggrieved by the assessment order, the assessee filed an appeal before the learned CIT(A). After considering the submissions of the assessee's counsel, the CIT(A) dismissed the assessee's appeal and upheld the order of Assessing Officer. 5. We have heard the learned DR and perused the ma....
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....elow as well as before us. Moreover, the assessee did not appear before the Assessing Officer to establish the said fact inspite of repeated notices. Before us also, the assessee had not placed any satisfactory evidence that the sale transaction has been completed in Feb., 2001 except the cancellation of telephone connection in the property purchased by the assessee, it is difficult to come to a conclusion based on the cancellation of telephone connection that they are in possession of the property. Apart from this, the GPA was registered as document No.2691/2006 on 30.06.2006 at SRO, Chikkadpally, Hyderabad. Therefore, we are of the view that the sale has taken place only on 10.07.2006. Hence the Assessing Officer as well as the learned CI....
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....he case of an assessee being an individual or a Hindu undivided family, the capital gain arises from the transfer of a long-term capital asset, being buildings or lands appurtenant thereto, and being a residential house, the income of which is chargeable under the head "Income from house property" (hereafter in this section referred to as the original asset), and the assessee has within a period of one year before or two years after the date on which the transfer took place purchased, or has within a period of three years after that date constructed, one residential house in India, then, instead of the capital gain being charged to income-tax as income of the previous year in which the transfer took place, it shall be dealt with in accordan....
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.... as a reference to the two residential houses in India: Provided further that where during any assessment year, the assessee has exercised the option referred to in the first proviso, he shall not be subsequently entitled to exercise the option for the same or any other assessment year.] (2) The amount of the capital gain which is not appropriated by the assessee towards the purchase of the new asset made within one year before the date on which the transfer of the original asset took 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 ....