TaxTMI 
TaxTMI 
2023 (1) TMI 603
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....nder : "1. The Order of the Hon'ble Commissioner of Income Tax, in so far as it is against the appellant, is contrary to the facts of the case and provisions of law. 2. The Hon'ble Commissioner of Income Tax is not justified in sustaining the disallowance of Rs 46,20,000/- exemption U/ s.54F of the Income Tax Act. 3. The Hon'ble Commissioner of Income Tax is not justified in holding that the appellant is not entitled to the deduction as the house constructed stands in the name of the appellant's son. 4. The Hon'ble Commissioner of Income Tax should have appreciated that the appellant did show the investment as house in his Balance Sheet and that his intention is to acquire a house for ....
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....s return of income for A.Y.2017-18 on 30.03.2018 admitting total income of Rs.3,99,870/-. The case was selected for scrutiny and accordingly notice u/s 143(2) of the Act dt.14.08.2018 was issued requiring the assessee to furnish the details. After verification of the information submitted by the assessee, Assessing Officer had completed the assessment u/s 143(3) of the Act on 23.12.2019 interalia by making an addition of Rs.46,20,000/- towards capital gain. 4. Feeling aggrieved with the order of Assessing Officer, assessee carried the matter before ld.CIT(A), who dismissed the appeal of assessee. 5. Feeling aggrieved with the order of ld.CIT(A), assessee is now in appeal before us. 6. Before us, ld. AR submitted that while filing t....
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....bay High Court.) 8. We have heard the rival submissions and perused the material on record. In the present case, Assessing Officer had selected the case of the assessee on account of cash deposits Rs.26,35,000/- in his bank account during demonetization period. The assessee during the assessment proceedings had explained that he had sold the agricultural land for a consideration of Rs.75,62,500/- during the A.Y. 2017-18 and he provided the details of payment received by him through cheques and a sum of Rs.25,62,500/- in cash after taking back the dishonoured cheque and further submitted that the assessee had deposited an amount of Rs.26,35,000/- in his bank account at Bank of Baroda. After receiving the scrutiny notice, the assessee had ....
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....t various details besides the source for the cash deposits. The issue in the present appeal is with respect to addition of Rs.46,20,000/- on account of capital gains from sale of immovable property. In our view, the Assessing Officer was within his right to examine the issue before us and we do not find any fault on the part of Assessing Officer to deny the deduction of Rs.46,20,000/- in the case selected for limited scrutiny. 10. On perusal of the order of ld.CIT(A), it is clear that the reasoning given by the ld.CIT(A) is in line of the law laid down by the jurisdictional High Court in the case of Ganta Vijaya Lakshmi Vs. ITO, Ward - 1(3), Vijayawada reported in (2015) 54 taxmann.com 301 (A.P. High Court). For the completeness of the r....
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....o that appellant, as he had invested in the name of wife, by relying on the decision of jurisdictional Hon'ble High Court case of Late Mir Gulam Ali Khan Vs CIT and various other decisions. The decisions relied upon by the appellant of M/ s. B. Surendra Choudary of Hon'ble Telangana and AP High Court and Kamal Wahal of Hon'ble Delhi High Court pertain to the investment in the name of wife and further the case law of N. Ram Kumar Vs. ACIT of the jurisdictional Hon'ble ITAT deals with the issue of minor. In the present case, the investment is not made in the name of wife or minor son or daughter but in the name of adult son (as .the income of the minor attracts clubbing provision and also the execution of the agreement cannot ....
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....cifically 'under the hand of each assessee as per the scheme of the Act. Therefore, unless there are is peculiar circumstances, as has been observed in the case of late Mir Gulm Ali Khan, 'the Income Tax Act does not allow any room for wider interpretation The decisi8n in the case of Prakash Vs ITO rendered by the Hon'ble Bombay High Court on 12th September, 2008 in ITA No.15/2002 by considering the proposition laid down by the Hon'ble Apex Court is as under ............................................ ........................................... The decision of the Hon'ble High Court in the case of Mir Gulam Ali Khan has been distinguished based on facts and also it was rendered for the purposes of....