2025 (5) TMI 2122

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....er dated 05/02/2025 bearing No. ITBA/NFAC/S/250/2024-25/107295 1959 [11 passed by the Honourable CIT[Appeal], NFAC, Delhi, is excessive, unreasonable, arbitrary, against the provisions of Income Tax Act, 1961 and therefore liable to be quashed. 2. On facts and circumstances of the case and in law, the Honourable C.I.T.(A) has erred in confirming the disallowance of claim of Rs. 16,33,83,660/- in respect of exemption under section 54F of Income Tax Act, 1961 ignoring the fact that, the Appellant had purchased two interconnected flats and necessary document /evidence in respect of the same was filed before the Assessing Officer. 3. The appellant craves to alter, add, delete, substitute, or modify and other grounds of appeal.....

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....at the impugned property were two separate flats with differed identification marks. 8. We have carefully considered the facts of the case and find force in the contention of the ld. Counsel for the assessee. Walkeshwar Om Vikas Co-op. Housing Society Ltd., by its letter dated 23/03/2024 has certified that Flat No. 501-B & 601-B are internally connected and have an internal staircase inside the premises. The flat is a duplex flat. 8.1. We find that the erstwhile owner vide agreement dated 17/10/1989 had purchased the impugned property as a duplex. All these facts were before the AO who mis-construed the impugned property as two different flats. 9. The Hon'ble High Court of Bombay in the case of CIT vs. Raman Kumar Suri [2013] 29 ta....

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....ts investment in a residential house i.e. one residential house only. (b) In appeal, the Commissioner of Income Tax (Appeals) by his order dated 4/5/2009 held that the respondent herein is entitled to the benefit of exemption under Section 54 of the Act to the extent of Rs. 3 crores as claimed in the return of income. This was on the basis that the respondent herein had produced a Certificate of Co-operative Society that two flats were inter connected by internal stair case. The site plan was also submitted inter alia showing only one entrance gate and one kitchen. The duplex flat Nos. 416A and 516A was purchased on as is and where is basis and the assessee had not joined the said two flat internally after acquiring the flats. The ....