TaxTMI 
TaxTMI 
2017 (8) TMI 1735
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....ER D.S. SUNDER SINGH, Accountant Member: This appeal filed by the assessee is directed against order of the Commissioner of Income Tax (Appeals) {CIT(A)}, Visakhapatnam vide ITA No.0692/11-12/ITO,Ward-5(2)/VSP/2013-14 dated 31.5.2013 for the assessment year 2009-10. 2. The assessee filed return of income declaring total income of Rs. 3,87,590/-. During the assessment year, the assessee sold the ....
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....duction u/s 54F of the Act. Secondly, the assessee has not furnished any evidence for acquiring the new property as required u/s 54F of the Act. Aggrieved by the order of the A.O., the assessee went on appeal before the Ld. CIT(A) and the Ld. CIT(A) decided the transaction as long term capital gains in favour of assessee and with regard to the assessee's claim for deduction u/s 54F of the Act,....
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....y purchased by him by registration of document." 4. On the other hand, the Ld. D.R. argued that the assessee did not acquire the property but only entered into a sale agreement for acquiring the property. As per the sale agreement, the assessee made the advance payment for purchase of the property and the assessee did not become the owner of the property. As per settled law ownership does not tra....
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....fice area and the Panchayat, Lakshmipuram village, Inam Patta 2933, Vinayaknagar with 401 Sq.yd. of land with 300 sq.ft. ACC roof house from K. Ramesh Babu and Others. The assessee also paid the full consideration of Rs. 30 lakhs which is evidenced by the sale agreement within one year from the date of sale of the property. During the course of hearing, the Ld. A.R. submitted that the assessee has....