2022 (11) TMI 230

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....t the order of the CIT(A)-13, Pune in Appeal No CIT(A)-13/16-17/593 Dated 15/02/2018 for A.Y. 2014-15. (1) On the facts and in the circumstance of the case and in law, the Hon'ble CIT (A) erred in confirming the action of the Ld AO in rejecting the claim of Rs 31,79,890 out of the total claim of Rs 1,24,71,110 made u/s 54F of the IT Act-1961. The appellant craves leave to add, alter, amend or delete any or all of the above mentioned grounds of appeal." 3. Briefly, the facts of the case are as under :- The appellant is an individual engaged in the business of trading of gold and silver jewellery. The Return of Income for the assessment year 2014-15 was filed on 24.12.2015 declaring total income of Rs.49,02,575/-. During the prev....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... flats, which are as under :- "Details of payments made for Flat No.A-904 at Ishanya, Pune Date Cheque No. Bank Amount (Rs.) 02/08/2011, 21/09/2011, 02/11/2011 NA NA 3,10,900 18-12-2013 RTGS HDFC Bank Limited 10,00,000 13-01-2014 TDS HDFC Bank Limited 10,00,000 14-02-2014 RTGS HDFC Bank Limited 20,000 09-05-2014 RTGS HDFC Bank Limited 20,00,000 08-07-2016 RTGS HDFC Bank Limited 13,42,725 05-08-2017 034831 HDFC Bank Limited 20,00,000     Total 76,73,625 Note: Stamp Duty & Registration charges paid on 28/3/2013 Rs.6,06,550/- Details of payments made for Flat No.A-1004 at Ishanya, Pune Date Cheque No. Bank Amount (Rs.) 02/08/2011 NA NA 3,0....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....esent appeal challenging the decision of the ld. CIT(A) rejecting the exemption of Rs.31,79,890/- u/s 54 of the Act. 6. It is contended that the order of the ld. CIT(A) rejecting the exemption u/s 54 in respect of second flat cannot be sustained in view of the decision of Co-ordinate Bench of Pune Tribunal in the case of Ms. Anita Mahindrakumar Oberai vs. ITO in ITA No.600/PUN/2020 for A.Y. 2015-16 dated 01.02.2022. It is further submitted that the assessee is entitled for exemption u/s 54 prior to the amendment in respect of multiple flats. 7. On the other hand, ld. CIT-DR placing reliance on the orders of the lower authorities submits that the order of the ld. CIT(A) is based on the decision of the Hon'ble Jurisdictional High Court refe....