2023 (2) TMI 452

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....erroneous in law and facts of the case. 2. On the facts and in the circumstances of the case the learned Commissioner ought not to have confirmed the assessment of addition under the head capital gains by re- computation without allowing deduction u/s. 54 of u/s. 54F alternatively. 3. The appellant crave leave to add to, alter modify, delete, amend, substitute all or any of the above grounds. 2. Brief facts of the case are that the assessee is an individual, filed her return of income on 30.07.2013 for the AY 2013-14 admitting total income of Rs.4,88,937/- consisting of income from house property of Rs.1,02,945/-, long term capital gain of Rs.3,60,837/- and income from other sources of Rs.25,155/- and agricultural incom....

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.... Name of the buyer Extent and location of land Document No & Date Consideration Market value of the property for the purpose of stamp duty D.Kumar Swamy 300 Sq.Yard in Plot bearing No.232 in survey NO.104/1, Venkateshwara HAL co-Operative society, Kondapur village, Serilingamp ally Mandal 2905/20 13 dt. 28.02.2013 Rs.34,50,000 Rs.39,00,000/- D.Sadanandam 300 Sq.Yard in Plot bearing No.231 in Survey No.104/1,Venkateshwara HAL co-operative society, Kondapur village, Serilingamp ally Mandal 2906/2013 dt. 28.02.2013 Rs.34,50,000 Rs.39,00,000 Thus, the sale deeds clearly indicate that the plots of land were sold 5. In the return of income, the assessee had claimed deduction u/s. 54 an....

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.... not accept the contention of the assessee as AR could not furnish any other evidence regarding the existence of disputes in respect of the properties at the time of sale of the property. The assessee was the owner of the properties under dispute and she had sold the property. The dispute was with regard to the ownership and not with. regard to the value of the property. 6.4 A deeming provision has been enshrined in sec. 50C by virtue of which a legal fiction has been created for assuming the value adopted or assessed. By any authority of State Government as the full value of sale consideration received in respect of such transfer. A legal fiction has been created only in respect of the cases where the consideration received by the....

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....e. 9. Further. during the course of assessment proceedings, assessee filed a letter stating as under: 1.The assessee constructed a small house at plot no. 231 and 232 2. Further, along with the letter assessee filed revised computation of income on 18.03.2016 wherein she admitted rental income of Rs.28,532 from the Plot No. 1-3/ 7/H/232 and 231, Kondapur, Hyderabad (the same plots which were sold on 28.02.2013). Also in the revised computation, she claimed Rs.63,OOO/- as cost of improvement during the F.Y. 2005-06. Also she claimed Rs.45,150/- on 22.04.2008 and Rs.1,19,898/- on 30.12.2011 towards LRS charges in respect of properties sold. In the revised computation filed on 18.03.2016 wherein assessee hav....

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.... the transfer of a long-term capital asset, being buildings or lands appurtenant thereto, and being a residential house, the income of which is chargeable under the head "Income from house property"; (ii) the assessee has within a period of one year before or two years after the date on which the transfer took place purchased, or has within a period of three years after that date constructed, one residential-house. In the present case, the property which was transferred is plots of land with a small open structure and since it is open structure its income is not yet charged under the head "Income from house property". The open structure cannot be treated as a house either for self occupation or for let out. Further, it is ....

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....es wherein it is clearly mentioned that properties purchased are house properties only. As per the provisions of section 54 F of the LT. Act deduction is not allowable if the assessee owns more than one residential house, other than the new asset, on the date of transfer of the original asset. Thus, the appellant is not entitled for deduction u/ s 54F. 5. We have gone through the order passed by the ld.CIT(A), we do not find any reason to interfere in the order passed by the ld.CIT(A) on merit. In this present case, the assessee has filed the present appeal after a long delay of 2080 days. Before us, no explanation has been given by way of affidavit explaining the reasons of filing the appeal after such a long period. In view of the abov....