2025 (3) TMI 590

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....o challenging the order of Ld. CIT(A) in upholding the denial of deduction under section 54F on sale of gold, ornaments and silver utensils and for disallowing, the deduction already allowed u/s 54F in the intimation on the sale of shop. Therefore I have decided to take up all the grounds together and to dispose of through the present consolidated order. 3. Ld. AR appearing on behalf of the assessee reiterated the same arguments as were raised by him before the revenue authority and also relied upon written submissions. The contents of the written submissions filed by the assessee are reproduced herein below: With Reference to above appeal we would like state that Appellant Mr. Mahendra Dedhia filed return of Income for AY 2014-....

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....the rectification application was simultaneously filed with the assessing off icer 31(2)(3) on 21.03.2017. Still rectification was not done and grievance was raised on 13.07.2020. in the response of grievance, the appeal was filed on 28/08/2020. In response to Notice Raised U/s 250 of Income Tax Act 1961 Dated 16.03.2021, 15.06.2021. 07.06.2021, 06.08.2022, 10.05.2023, 26.09.2023, 17.01.2024 the written submissions were done and following documents were submitted: 1. Statement of Income for the Year end 31.03.2014 2. Intimation Order us 143(1) dated 17.06.2015 3. Rectification Application us 154 submitted on 21.03 2017 4. E nirvana Application filed on 13.07.2020 5. Copies of sales Bills....

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....axability of the assessee The Kolkata Bench of the Tribunal in the case of APEEJAY SHIPPING LTD VS ASST COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE -III, KOLKATA. [2023 (6) TMI 117- ITAT KOLKATA) and EDELWEISS ASSET MANAGEMENT LTD VS ACIT, CIRCLE -3 (1)(2), MUMBAI-2024(1) TMI 650-ITAT MUMBAI also had similar view. 4. On the other hand, Ld. DR appearing on behalf of the department relied upon the orders passed by the revenue authorities. 5. I have heard the counsel for both the parties and have gone through the documents placed on record, judgements cited before me and the orders passed by the revenue authorities. From the records, I noticed that the facts of the case are that assessee had claimed capital gain exemption under s....

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..... Copies of sales Bills of gold ornaments and silver. 6. Copy of Purchase agreement for Shop Sold. 7. Extract Copies of agreement for new flat Purchased. 7. But Ld. CIT(A) dismissed the appeal of the assessee by holding that the assessee has failed to submit documents required for consideration of capital gain deduction under section 54F. Therefore genuineness of capital gain deduction cannot be verified and hence disallowance of Rs 12,31,137/- made by the AO CPC was confirmed and deduction of Rs. 7,54,250/- claimed under section 54F on sale of the shop was added back. 8. Ld. AR vehemently argued that before the assessee could respond to the notices issued by Ld. CIT(A), the appeal was dismissed and even enhancement ....