2023 (1) TMI 413

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....reinafter referred to as Id. DCIT) has erred in law read with the relevant/pertinent rulings of the competent courts vis-à-vis the facts and features of the case of the assessee/appellant while disallowing the Deduction under section 54/54F towards long-term Capital-Asset duly hacked by acquisition/purchase of new residential property vide Order u/s 143(3) dated 11-03-2016, whereas the Assessee/ Appellant had paid more than the net-consideration out of sale- consideration of old long-term Capital-Asset; and 2. On the contrary to above, during the course of jurisdictional first appellate proceedings, the Id. Commissioner of Income Tax- Appeals, Delhi-38 (hereinafter referred to as Id. CIT- Appeals) has termed the sale of old propert....

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.... came to be passed on 11/03/2016 by making addition of Rs. 2,64,44,284/- by way of disallowance u/s 54F of the Act. As against the assessment order dated 11/03/2016, the assessee has preferred an appeal before the CIT(A). The Ld. CIT(A) vide order dated 03/11/2017 dismissed the appeal filed by the assessee. 5. Aggrieved by the order of the Ld. CIT(A) dated 03/11/2017 the assessee has preferred the present appeal on the grounds mentioned above. 6. We have heard the parties perused the material available on record and gave our thoughtful consideration. 7. During the assessment year, the assessee has sold immovable property on 04/02/2013 situated on Unit No 4E, Plaza M/6 Plot No. 6, District Centre Jasola, New Delhi for Rs. 3,55,35,000/-. T....

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....ng settled position of law in disallowing the deduction u/s 54/54F towards long term capital asset, despite the same was backed by documents to prove purchase of new residential property and the assessee paid more than the net consideration out of the sale consideration of long term capital asset. Further submitted that, on the contrary to the above, during the course of appellate proceedings, the Ld.CIT (A) erroneously termed the sale of old property as short term capital asset and has directed the Ld. A.O. to assess the long term capital gain as short term capital gain without affording the opportunity of herein to the assessee. 10. We find merit and force in the arguments of the Ld. AR . The Ld. CIT(A) has not discussed the reasons and ....