2019 (11) TMI 1862

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....: Ms. R. Anitha, JCIT. ORDER PER SHRI GEORGE MATHAN, JUDICIAL MEMBER : This is an appeal filed by the assessee directed against the order of the learned Commissioner of Income Tax (Appeals)-2, Chennai (hereinafter called as 'CIT(A)') in ITA No. 259/2016-17 dated 13.12.2018 for the assessment year 2014-15. 2. Shri Koushik & Shri. S. Sridhar represented on behalf of the Assessee and....

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....d property and the assessee had invested an amount of Rs. 1,86,08,364/- till the date of assessment, i.e. 30.12.2016. It was a submission that the capital gains liability was only to an extent of Rs. 1,08,50,000/-. It was a submission that the assessee having constructed the residential house within the prescribed three years period, the assessee was entitled to the benefit of Section 54....

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....ed dated 23rd January, 2014, what has been sold is 980 Sq.ft of the undivided share of land out of the 2481.50 Sq.ft for a consideration of Rs. 1,56,80,000. It was thus a submission that the benefit of Section 54 was available when the capital was transferred as a residential house. It was a submission that residential house having not been transferred, the benefit of Section 54 was not avail....

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....has claimed exemption u/s. 54 of the Act. The perusal of the order of the learned CIT (A) shows that even before the CIT(A), the assessee is claiming exemption u/s. 54 and is claiming to have sold residential property. The perusal of the assessment order also shows in para-4 that the Assessing Officer has considered what has been sold as two residential flats. The sale deed shows otherwise. In the....