TaxTMI 
TaxTMI 
2022 (10) TMI 1103
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....("the Act" in short) to the extent of Rs.4,88,645/-. 2. The assessee, in the present case, is an individual who filed his return of income for the year under consideration on 02.07.2010 declaring a total income of Rs.8,45,749/-. In the assessment originally completed under Section 143(3) of the Act vide an order dated 11.12.2013, the total income of the assessee was determined by the Assessing Officer at Rs.9,45,750/-. The said assessment was subsequently reopened and a notice under Section 148 of the Act issued by the Assessing Officer to the assessee on 14.08.2015. In response to the said notice, a reply was filed by the assessee stating that the return filed by him originally on 02.07.2010 may be treated as return filed in response to n....
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....aimed U/s 54F of I.T. Act, it is submitted that the exemption u/s 54F of the Act is to be calculated on the basis of net consideration to long term capital gains. In this connection, your assessee invites your honour attention to the Explanation to clause B to proviso to Sub -sec. 1 of section 54F of the Act. The said Explanation read as under: "Net consideration", in relation to the transfer of a capital asset, means the full value of the consideration received or accruing as a result of the transfer of the capital asset as reduced by any expenditure incurred wholly and exclusively in connection with such transfer. Ongoing through the above explanation, it is seen that the net consideration means the full value of consideration les....
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.....2801970/-] as against the capital gains adopted of Rs. 5918030/- by the audit party. The exemption U/S. 54F of the Act is to be claimed as under: Capital gain x Inyestrnent in new house Net consideration = 7918030/- x 8000000 10720000/- = Rs. 5908978/- " 3. The Assessing Officer did not find the submission made by the assessee to be tenable and holding that the assessee was entitled for deduction under Section 54F and 54EC of the Act only to the extent of Rs.74,29,385/- as against Rs.79,18,030/-, he disallowed the excess claim of Rs.4,88,645/- made by the assessee on the basis of the following working made in the assessment completed vide an order dated 26.07.2016 passed under Section 143(3) r.w.s. 147 of the Act:- Details Rs. LT....
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....45/- is hereby upheld. Both the grounds fail accordingly." 5. Aggrieved by the order of the learned CIT(A), the assessee has preferred this appeal before the Tribunal. 6. At the time of hearing fixed in this case today, none has appeared on behalf of the assessee nor any application seeking adjournment has been filed in spite of the fact that notice to the said hearing was sent to the assessee by RPAD at the address given in the appeal memo. It is also noted from the record that there was a similar non-compliance on the part of the assessee when this appeal was fixed for hearing earlier on 12.11.2021, 16.03.2022, 10.06.2022 and 08.07.2022. This appeal of the assessee is, therefore, being disposed of ex parte after hearing the arguments of....