TaxTMI 
TaxTMI 
2026 (4) TMI 1550
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....r section 143(3) r.w.s. 263 of the Income Tax Act, 1961 (hereinafter referred to as 'the Act') relating to the Assessment Year 2015-16. 2. Brief facts of the case is that the assessee is an individual filed his Return of Income for the Asst. Year 2015-16 on 31-10-2015 showing total income of Rs. 16,43,52,760/- including Long Term Capital Gain of Rs. 15,85,25,949/-. The return was selected for scrutiny assessment and regular assessment u/s. 143(3) was made on 22-08-2017 accepting the returned income. Subsequently the assessment was revised u/s. 263 of the Act. The assessee along-with other owners sold two non-agricultural lands at Ambli village and the assessee claimed deduction u/s. 54F of Rs. 3,96,79,796/- on account of purchase of new ....
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.... any value of this property as the income under the house property as per section 22 of the I.T Act, 1961. Even the AO has accepted and has not made addition on account of income from House Property. As per the I.T act, 1961, only one house is exempt under the head 'Income from House Property'. The photograph submitted by the appellant clearly shows that there is no structure on the property. The appellant has also submitted the sale agreement which was made subsequently wherein it was clearly mentioned that he is selling open plot. The affidavit submitted of the purchaser said land that he has purchased open land from the appellant. 6.2 Reliance in this regard is placed upon the decision of the Hon'ble Hyderabad Tribun....
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....Revenue in support of the orders passed by Lower Authorities and requested to disallow the deduction u/s. 54F of the Act, since the assessee was holding two residential units during the relevant time. 6. Per contra, Ld. Counsel appearing for the assessee submitted before us three Paper Books at Page Nos. 162 to 171 brought to our notice that translated copy of the Sale Deed dated 29-05-2014. Ld. Counsel appearing for the assessee submitted that the registered Sale Deed makes it very clear the property namely land is inhabitation admeasuring 49.72 Sq. Mtrs. within the border village of Ambli Sub-district Bopal, Ahmedabad. The registered Sale Deed wherein Page No. 7 & 8 carries the photograph of the vacant land with adjacent owners buildin....
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....73,600/- and included in his class of assets. In view of the same, the worth of the property is determinable only from the valuation of Rs. 15,73,600/- assigned to it by the assessee himself. It is therefore established that the assessee was the owner of two residential properties at the time of sale of land in the relevant period and is therefore, not eligible to get deduction u/s 54F of the Act." 7.1. Further the Revision order passed u/s. 263 of the Act by Ld. PCIT was confirmed by Co-ordinate Bench of this Tribunal vide order dated 21-12- 2022 in ITA No.97/AHD/2021. 7.2. Perusal of records and the registered Sale Deed (Purchase Deed) dated 29-05-2014 also clearly states that no residential building in the premises and the....