2024 (12) TMI 121

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.... by the learned Income Tax Appellate Tribunal (hereafter the ITAT) in ITA No. 819/Del/2020 captioned ACIT v. Sh. Himanshu Garg in respect of the assessment year (AY) 2014-15. The Revenue had filed the said appeal against the order dated 16.12.2019 passed by the learned Commissioner Income Tax (Appeals) [CIT(A)], whereby the Assessee's claims to the effect that receipts from sale of certain properties be treated as capital gains; the expenditure incurred in respect of the said properties as cost of improvement of the respective properties; and that exemption of a sum of Rs. 1,84,23,729/- be allowed as exemption under Section 54F of the Act, was allowed. The assessee has filed a cross objection (CO No. 112/Del/2022) in regard to the denial of....

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....ned ITAT had on the basis of evidence available on record, concluded that the Assessee's investment was not in a residential house and, therefore, the benefit of Section 54F of the Act was not available to the Assessee. 4. Concededly, the registered deed of the new property does not reflect any built-up structure other than "makaan", with a covered area of approximately 500 sq. ft. However, the AO had, on inspection, found that there was brick-kiln on the property in question. Photographs of the same were placed on record and have been reproduced by the learned ITAT in the impugned order. The said photographs are set out below: 5. It is not disputed that the brick-kiln exists on the new property. However, the learned counsel for the A....