2025 (6) TMI 1464

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.... (Order No. ITBA/AST/S/143(3)/2018- 19/1014451402(1), passed by the ITO, Ward 2(1), Faridabad, under Section 143(3) of the Income Tax Act, 1961 (hereinafter referred to as "the Act") for the Assessment Year 2016-17. 2. The assessee has raised the following grounds of appeal: 1. That having regard to the facts and circumstances of the case, Ld. CIT(A) has erred in law and on facts in confirming the action of Ld AO in making addition of Rs. 1,34,48,839/- on account of alleged long term capital gain and has further erred in not allowing the exemption of Rs. 1,15,82,887/- claimed by the assessee u/s 54F of the Act, more so when all the conditions laid down under the section have been fulfilled and impugned addition has been made by ....

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....osed. Land at Village Mirzapur Faridabad     Total sale consideration   1,38,55,220/- Less: Indexed cost of Acquisition or Base price of year 2000     20/3    6.66667     Circle Rate in 2000 5,75,000    4,79,167/-   Indexation 4,79,167*254/100 12,17,083/- Less: Cost of improvement   11,50,000/- Less: Deduction u/s 54F     Purchase of Residential House within stipulated time   1,15,82,887/- Balance Taxable   Nil 5. The appellant submitted copy of sale deed of the urban agricultural land and copy of purchase deed of the residential plot in which the amount w....

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....e or construction of new house before the date of furnishing of return of income in the deposit account in any bank in accordance with the Capital Gain Account Scheme, 1988." 5.1 Accordingly, addition of Rs. 1,34,48,839/- was made and added back to the income of the assessee as undisclosed long term capital gain arising from the sale of urban agriculture land. 6. The matter was carried before the Ld. CIT(A) who dismissed the appeal by passing a very cryptic order. 7. We have heard rival submissions and considered the materials available on record. We find that the assessee has made substantial compliance by making investment in the plot even before filing the income tax return. When he had already invested the amount there could no....