TaxTMI 
TaxTMI 
2024 (11) TMI 817
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....nces of the case in law the ld. CIT(A) did not appreciated the facts the assessee received flat under development agreement. 2 On the facts and circumstances of the case in law the ld. CIT(A) erred in confirming addition u/s 56(2)(x) of Rs. 1,67,45,456/-. 3. Without prejudice to above, assessee prayed before your honours to allow the claim u/s 54/54F for benefit capital gain for acquisition of flat. 4. The assessee have right reserve to amend modify delete and make any additional grounds of appeal." 2. Fact in brief is that return of income declaring total income of Rs. 4,54,240/- was filed on 24.03.2021. The case was subject to scrutiny assessment and notice u/s 143(2) was issued on 29.06.2021. After perusal o....
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..... for a consideration of Rs. 85,50,000/-. The wife of the assessee was also a co-owner of a flat no. 266 in the erstwhile Adarshnagar Beach Corner Co-operative Housing Society. As per the copy of purchase deed Flat No. 266 was purchased on 14.08.2013 for a total consideration of Rs. 1,40,00,000/- from Shri Vikash Ankush Aklekar on 14.08.2013. Subsequently, in exchange of existing flat no. 266, on re-development of the society property, the assessee himself and his wife had also received flat no. 23A in accordance with agreement and also purchased additional carpet area of 192 sq. ft. for a consideration of Rs. 85,50,000/-. The stamp value of the same as determined as per the stamp value authority was of Rs. 2,66,83,000/-. Thereafter, the as....
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....the flat, copies of agreement for alternative accommodation and detail of stamp duty paid along with detail of allotment of the flats etc. The ld. Counsel submitted that assessee along with his wife were the rightful owners of the property and pursuant to a re-development claim, the assessee and his wife received properties against their existing owned properties and the assessee has not received any additional carpet area free of cost but has received additional carpet area in lieu of existing property owned by the assessee which was given for re-development. Alternatively, ld. Counsel also submitted since the assessee has made investment of higher amount being the stamp duty value of the property therefore, any capital gains arising on su....
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....el has also submitted that when two flats no. 23A and 234B were provided as exchange of old flts no. 266 and 273 as discussed as exchange of property no deemed income have accrued to the assessee or his wife. In respect of alternative claim of the assessee that he has made investment of higher amount being the stamp duty value of the property and capital gains arising on such transfer shall be considered as exempt as conditions of section 54 of the Act are duly fulfilled, we have perused the decision of ITAT, Mumbai in the case of Shri Dilip P. Ahuja referred by the assessee wherein on similar issue and identical fact, ITAT, Mumbai vide ITA No.6419/M/2012 on 10.10.2014 held that assessee is entitled to avail deduction u/s 54 in respect of t....
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....wned by the assessee was located, has obtained the land from the Government and the said Society has become lessee of the Government in respect of the said land. This fact is in total contradiction to the submissions made by the assessee, i.e., it is the society which is the lessee of land and not the assessee and other members. Hence, it cannot be said that the assessee and other members have got the right of additional FSI. In fact, the assessee along with other owners of the flat and the society has collectively handed over the land and flats for re-development, meaning thereby, the existing right of the assessee over his flat got extinguished and in lieu thereof the assessee has obtained a compensation of Rs. 11,00,000/- and a new flat ....
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....he Capital gain. Since the new flat is obtained on transfer of old flat, the assessee's claim for deduction u/s 54 of the Act is also justified, i.e., the assessee is entitled to avail deduction u/s 54 of the Act in respect of the cost of the new flat." 8. We have also perused the provision of section 2(47) of the Act which define the terms 'transfer' to include various kinds of transactions. This section defines transfer as the 'transfer of capital asset including the sale, exchange relinquishment or extinguishment of the capital asset or extinguishment of any right therein or the compulsory acquisition thereof under any law'. Since in the case of the assessee there is an exchange of capital asset (old flats no. 266 and 273) for another....