TaxTMI 
TaxTMI 
2025 (9) TMI 1654
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....4-25/1065401916(1) dated 05.06.2024 for the A.Y.2017-18 arising out of order passed under section 143(3) of the Income Tax Act, 1961 (in short 'Act') dated 30.12.2019. 2. Brief facts of the case are, assessee being an individual filed return of income for the A.Y. 2017-18 on 28.07.2017 admitting a total income of Rs. 1,88,800/- after claiming of deduction of Rs. 1,20,000/- under Chapter VIA of the Act. The case has been selected for limited scrutiny under CASS for examining the Deduction / exemption claimed from capital gains. Accordingly, statutory notices under section 143(2) and 142(1) of the Act were issued on various dates as detailed in the assessment order. Assessee has not responded to any of the notices. Subsequently, show-cause....
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....f the Act, the original asset, being a vacant land, does not fall under "being buildings or lands appurtenant thereto, and being a residential house" 3: The Ld. CIT(A) erred in not observing the fact that the decision of Hon'ble ITAT that was relied upon is not applicable to the facts of the present case as the assessment year in the said ruling is 2008-09, which is prior to the amendment to section 54F i.e. 01-04-2015. 4. The Ld. CIT (A) erred in not appreciating the fact that the AO rightly disallowed the claim of exemption made by the assessee to the tune of Rs. 2,25,39,140/- u/s 54 of the Act. 5. The appellant craves leave to add or delete or amend or substitute any ground of appeal before and/or at the ti....
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....ok place purchased, or has within a period of three years after that date constructed, one residential house in India (hereafter in this section referred to as the new asset), the capital gain shall be dealt with in accordance with the following provisions of this section, that is to say,- (a) if the cost of the new asset is not less than the net consideration in respect of the original asset, the whole of such capital gain shall not be charged under section 45; (b) if the cost of the new asset is less than the net consideration in respect of the original asset, so much of the capital gain as bears to the whole of the capital gain the same proportion as the cost of the new asset bears to the net consideration, shall not be....
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....the original asset not charged under section 45 on the basis of the cost of such new asset as provided in clause (a), or, as the case may be, clause (b), of sub-section (1), shall be deemed to be income chargeable under the head "Capital gains" relating to long-term capital assets of the previous year in which such residential house is purchased or constructed. (3) Where the new asset is transferred within a period of three years from the date of its purchase or, as the case may be, its construction, the amount of capital gain arising from the transfer of the original asset not charged under section 45 on the basis of the cost of such new asset as provided in clause (a) or, as the case may be, clause (b), of sub-section (1) shall b....
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.... amount by which- (a) the amount of capital gain arising from the transfer of the original asset not charged under section 45 on the basis of the cost of the new asset as provided in clause (a) or, as the case may be, clause (b) of sub-section (1), exceeds (b) the amount that would not have been so charged had the amount actually utilised by the assessee for the purchase or construction of the new asset within the period specified in sub-section (1) been the cost of the new asset, shall be charged under section 45 as income of the previous year in which the period of three years from the date of the transfer of the original asset expires; and (ii) the assessee shall be entitled to withdraw the unutilised ....