2023 (7) TMI 231

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....edit amounting to Rs. 15 lacs by the Assessing Officer (A.O. for short) and upheld by the ld. CIT(A). 3. The brief facts of the case are that the assessee is an HUF and had filed return of income dated 14.08.2018, declaring total income at Rs. 36,18,374/-. The assessee's case was selected for limited scrutiny under the e-assessment scheme of 2019 on the issue of capital gains deduction claimed by the assessee. The A.O. passed the assessment order u/s. 143(3) r.w.s. 143(3A) and 143(3B) of the Act where the return income of the assessee was accepted by the A.O. vide order dated 28.08.2020. The A.O. in the computation of the income sheet had denied the TDS credit u/s. 194IA of the Act amounting to Rs. 15 lacs on sale of house property and had....

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.... The ld. AR relied on the decision of the Hon'ble Gujarat High Court in the case of Naresh Bhavani Shah (HUF) vs. CIT [2017] 84 taxmann.com 53 (Guj) on identical facts. 7. The learned Departmental Representative (ld. DR for short) for the Revenue, on the other hand, controverted the said facts and relied on the decision of the lower authorities. 8. We have heard the rival submissions and perused the materials available on record. It is observed that the assessee has shown LTCG of Rs. 13,57,61,063/- from the sale of immovable property and is said to have invested Rs. 6,35,04,000/- in the capital gain account and Rs. 50 lacs in NHA bond for which the assessee is said to have claimed deduction u/s. 54 and 54EC of the Act. It is also observed....