2023 (1) TMI 130

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.... be filed on time. He submitted that delay in filing the present appeal was not intentional and beyond the control of the assessee. He prayed for condonation of delay. 3. Considering the above submissions of the ld. AR and no objection from the side of ld. DR for condoning the delay, we find it is a fit case to condone the delay of 04 days and admit the appeal for adjudication. 4. The appellant raised the following grounds of appeal :- "1. On the facts and circumstances of the case, the learned A.O. has erred in assessing income of Rs.77,00,000/- as against Income as per Return of Rs.1,76,000/- and addition of Rs.75,24,000/- is on account of Long Term Capital Gain. The addition made on that account should be deleted. 2. Without prejud....

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....g so, the Assessing Officer made addition of Rs.75,24,000/- on account of sale of lands under the head "capital gains". The factual matrix of the case is as under :- The appellant along with his family members and M/s Pharande Promoters & Builders had entered into an agreement with M/s Manik Builders for the sale of land at Gat No.122, located at Borhadewadi, Moshi, Tal. Haveli at a consideration of Rs.3,00,00,000/- on 06.09.2008. On perusal of the same, it was observed by the AO that Santosh Maruti Borate (Appellant) was one of the owner of the said plot and he had received his share consideration of Rs.77,00,000/- by cheque. Further, it was also observed that he had not offered to tax any capital gains arising out of the sale of the abov....

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....d into an unregistered agreement with Shri Nageshwar construction for the construction of residential house. The said document did not mention of any quotation or cost of construction thereof. Further, the appellant did not submit before the AO any supporting bills or receipts in support of its claim of exemption u/s 54F. The appellant had, thus, failed to satisfy before the AO, the basic conditions of section 54F and 54B, therefore, the AO disallowed the claim of deduction u/s 54F and 54B of the Act. With the result, the AO assessed the total income of the appellant at Rs.77,00,000/- as against his returned income of Rs.1,76,000/-. 6. Being aggrieved by the above assessment order, an appeal was filed before the ld. CIT(A), who vide impugn....

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.... the lower authorities. 10. We heard the rival submissions and perused the material on record. The ground of appeal nos.1, 2, 6 and 7 are general in nature did not require any adjudication. Therefore, the same are dismissed. 11. The ground of appeal no.4 and 5 are consequential in nature therefore, the same are dismissed as such. 12. The ground of appeal no.3 challenges the disallowance of claim for deduction u/s 54B as well as 54F of the Act. We have carefully gone through the impugned order, wherein, the ld. CIT(A) has set out the clear facts relating to the claim for deduction u/s 54F and 54B of the Act. The ld. CIT(A) clearly stated that the appellant purchased new agricultural land and entered into an agreement dated 28.06.2010 with....