2024 (3) TMI 36

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....erred to as "the Act" for short] for Assessment Year (AY) 2018-19. 2. The assessee has raised the following grounds of appeal:- "1. The order u/s 263 of the I.T.Act passed by Id. Principal Commissioner of Income tax is bad in law and on fact. 2. The Assessment Order dated 26TH March, 2021 passed by Id. A.O. was neither erroneous nor prejudicial to the interest of the revenue. 3. The Learned A.O. have passed the Assessment Order dated 26th March, 2021 after detailed verification of appellants claim, which is on record. 4. The Ld. Principal Commissioner of Income Tax had exceeded his jurisdiction to invoke section 263 in the facts and circumstances of this case there by ignoring the submission made and documentary evidence filed by t....

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.... land and deposit of the balance in Capital Gain Accounts Scheme u/s. 54F of the Act, details of which find mentioned at Page No.3 of the Ld. Pr.CIT's order are as under: Description Section Total Purchase/deposit Amount (Rs.) Exemption claimed Amount (Rs.)   NHAI BOND 54EC 50,00,000 50,00,000   Land Purchase   7,30,00,000 6,82,74,989   Registration Fees   7,31,000     Stamp Duty Value 54F 35,77,000     TOTAL VALUE 7,73,08,000       Amount deposited in designated capital gain account Scheme, 1988 as approved by IT Authority 54F(4) 8,50,00,000 6,80,96,439   TOTAL EXEMPTION CLAIMED DURING THE YEAR u/s. 54EC AND 54F 14,13,71,427 3.....

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....d take place within three years from the transfer of an original asset or purchase of a new house property should happen within two years of the transfer of the original asset. The Ld. Counsel for the assessee drew our attention to the provisions of section 54F of the Act, which is reproduced in the order of the Ld. Pr.CIT in Paragraph No.5.1. He contended that the purchase of land by the assessee for the purposes of claiming u/s. 54F of the Act was with the intention of a construction of house property for which a period of three years is allowed as per the provisions of law . That the Pr. CIT had misinterpreted the provisions of section and applied the time limit prescribed for the purchase of a new property, to the intention of construct....