2024 (5) TMI 394

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....ssessment year 2013-14. 2. In this appeal, the assessee has raised the following grounds: - "1 In the facts and circumstances of the case and in law, the learned CIT(Appeals) has erred in upholding the action of the Ld. Assessing Officer of disallowing the amount of Rs. 37,72,062/- being deduction under section 54 without considering the fact that the amount of capital gain was already invested for the purchase of a residential house within the time stipulated under section 54. 2. In the facts and circumstances of the case and in law, the learned CIT(Appeals) has erred in passing an order on the basis of surmises and conjectures without even conducting an in-depth inquiry into the facts of the matter and concluding with....

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....e-1 calling for a copy of the agreement for sale of immovable property. However, no reply was received in response to the same. Accordingly, the AO vide order dated 25.09.2021 passed u/s 147 read with section 144 of the Act computed the long-term capital gains on sale of immovable property at Rs. 63,53,000/- by considering the indexed cost of acquisition at Rs. Nil. 4. In the appellate proceeding before the learned CIT(A), the assessee submitted that the assessee being a house-wife, did not have any taxable income for the assessment year 2013-14 or earlier years and therefore, she did not register herself on the Income-tax e-filing portal. It was further submitted that the assessee did not receive any of the notices including the show-ca....

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.... report was furnished by the AO in response to the submission and evidence filed by the assessee. Accordingly, the learned CIT(A) proceeded to decide assessee's appeal on the basis of available on record after considering the submission of the assessee. The learned CIT(A), vide impugned order, held that in the purchase deed dated 29.12.2022 for the purchase of the new flat, the actual payment made is only Rs. 5 lakh while the remaining amount is to be paid as the construction progresses. Accordingly, the learned CIT(A) concluded that the entire amount of long-term capital gains earned from the sale of original assets was not invested for the purchase of a new residential house within the period of two years from the sale of the property nor....