2025 (12) TMI 1338

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....n 143(3) read with Section 144B of the Income-Tax Act, 1961 (hereinafter 'the Act'), vide his order dated 6th March, 2024. 3. The only issue in this appeal of the Revenue is against the order of learned CIT(A) deleting the addition made by the Assessing Officer in disallowing the claim of exemption under Section 54 of the Act in respect of capital gain earned out of sale of property during the relevant assessment year. 4. We have heard rival contentions and gone through the facts and circumstances of the case. We noted that the assessee has sold her 50% share of her farmhouse to Manvi Realtors for a total consideration of Rs. 16,17,50,000/- on 7th February, 2022. The assessee purchased a new property i.e., land on 23rd August,....

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....and same was sold by the appellant on 07.02.2022 for total sale consideration amounting to Rs. 16,17,50,000/- and having half share of the said property. The copy of sale deeds was duly submitted before the Assessing Officer. The income under the head capital gain of Rs. 13,05,49,213/- had been duly disclosed in the return of income of the appellant. Further, appellant has invested the amount of capital gain in purchasing land for construction of residential house. The said land was purchase on 27.05.2022 for total sale consideration amounting to Rs. 12,51,00,000/- and stamp duty and registration charges paid for registration of the sale deed of the said property was Rs. 61,31,000/-. Thus, total sale consideration value amount of Rs. 13,12,....

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....ection 54 for completing the construction of the residential house. As per the provisions the appellant has until 06.02.2025 to complete the construction, and expenses have been incurred accordingly. Thus, the appellant has completed the construction of the house within the time period and furnished the completion certificates dated 02.01.2025. In view of the above discussion, it is pertinent to note that the appellant has having the source of income during the year under consideration was receipts of sale consideration of Rs. 16,17,50,000/- for sale of property. And also the source of income of the Co-purchaser is salary income and rental income. After verified the details, it is found that the co-purchaser filed the return of inc....