VISHANJEE KARAMSHI PATEL, CHENNAI V. ACIT, NCC-9, CHENNAI

ITA 3399/CHNY/2018

• Counselvise Citation: [2019] 118 COUNSELVISE.COM (IT) 1110 (ITAT-CHENNAI)
• Duration Of Justice: 3 month(s) 7 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 20-03-2019
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: A
• Assessment Year: 2014-2015
• Appeal Filed On: 13-12-2018
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: S BHARATH
• Keywords: Benefit of exemption
• Section: 54F

Judgement Text

, , IN THE INCOME TAX APPELLATE TRIBUNAL , A B ENCH, CHENNAI . . . , . , # BEFORE SHRI N.R.S.GANESAN, JUDICIAL MEMBER AND SHRI S.JAYARAMAN, ACCOUNTANT MEMBER / I.T.A. NO.3399/CHNY/2018 '' /ASSESSMENT YEAR : 2014-15 SHRI VISHANJEE KARAMSHI PATEL, NEW NO.5, CHOOLAI HIGH ROAD, CHOOLAI, CHENNAI-600 112. VS THE ASSISTANT COMMISSIONER OF INCOME TAX, NON-CORPORATE CIRCLE-9, CHENNAI-600 034 PAN: AADPV2364H ( /APPELLANT) ( /RESPONDENT) / APPELLANT BY : NONE /RESPONDENT BY : MR.S.BHARATH, CIT /DATE OF HEARING : 19.03.2019 /DATE OF PRONOUNCEMENT : 20.03.2019 / O R D E R PER S.JAYARAMAN, AM: THE ASSESSEE FILED THIS APPEAL AGAINST THE ORDER O F COMMISSIONER OF INCOME TAX (APPEALS)-10, CHENNAI, IN ITA NO. 120 /16-17/CIT(A)-10 DATED 03.09.2018 FOR ASSESSMENT YEAR 2014-15. 2. SHRI VISHANJEE K.PATEL, THE ASSESSEE SOLD A LAND AT SRIPERUMBUDUR FOR 3,84,20,000/- ALONG WITH SHRI MANOJ PATEL. THE ASSESSEE ADMITTED 2/3 RD SHARE IN THE SAID LAND AS LONG TERM CAPITAL GAIN. WHILE COMPUTING LONG TERM CAPITAL GAIN, THE A SSESSEE CLAIMED EXEMPTION U/S. 54F FOR 1,81,29,676/-. WHILE MAKING THE ASSESSMENT, THE ASSESSING OFFICER CALLED FOR PROOF FOR THE EX EMPTION CLAIMED 2 ITA NO.3399/CHNY/2018 U/S.54F. THE ASSESSEE FURNISHED EVIDENCE FOR THE INVESTMENTS OF 32,58,485/- ONLY TOWARDS PURCHASE OF FLAT TILL THE DUE DATE FOR FILING THE RETURN FOR THE ASSESSMENT YEAR 2014-15 I.E. UPTO 3 1.07.2014. THEREFORE, THE ASSESSING OFFICER RESTRICTED THE A SSESSEES CLAIM OF DEDUCTION U/S.54F TO 32,58,485/- ONLY. AGGRIEVED, THE ASSESSEE FILED AN APPEAL BEFORE THE CIT(A). THE LD. CIT(A) RELYIN G ON THE JUDICIAL PRECEDENTS CITED BY THE ASSESSEE DIRECTED THE ASSE SSING OFFICER TO VERIFY AND ALLOW THE INVESTMENTS MADE BY THE ASSE SSEE UPTO THE DATE OF ACTUAL FILING OF RETURN I.E UP TO 15.12.2015 AND ALLOW THE BENEFIT OF EXEMPTION U/S.54F TO THAT EXTENT, IN PLACE OF 35,58,485/- ORIGINALLY ALLOWED BY THE ASSESSING OFFICER. HE ALSO HELD TH AT THE BALANCE AMOUNT INVESTED BY THE ASSESSEE BEYOND THE DATE OF ACTUAL FILING OF RETURN IE., THE INVESTMENT, IF ANY, MADE AFTER 15.1 2.2015 IS NOT ELIGIBLE FOR ANY EXEMPTION U/S.54F. AGGRIEVED AGAINST THAT O RDER, THE ASSESSEE FILED THIS APPEAL. 3. NONE WAS PRESENT ON BEHALF OF THE ASSESSEE. THE HEARING NOTICE SENT TO THE ASSESSEE BY THE RPAD WAS UNCLAIMED W HICH WAS KEPT ON RECORD. THE LD. DR PRESENTED THE ABOVE FACTS AND PLEADED THAT IN THESE CIRCUMSTANCES THE ORDER OF THE LD. CIT(A) BE CONFIRMED. 4. WE HEARD LD. DR AND GONE THROUGH THE RELEVANT MA TERIALS. ON THE 3 ITA NO.3399/CHNY/2018 FACTS AND CIRCUMSTANCES EXTRACTED IN PARA 2, SUPR A, WE DO NOT FIND ANY REASON TO INTERFERE WITH THE ORDER OF THE LD. CIT(A ) AND HENCE THE GROUNDS RAISED BY THE ASSESSEE ARE DISMISSED. 5. IN THE RESULT, THE ASSESSEES APPEAL IS DISMI SSED. ORDER PRONOUNCED ON 20 TH MARCH, 2019 SD/- SD/- ( . . . ) ( . ) (N.R.S.GANESAN) (S.JAYARAMAN) ( ! / JUDICIAL MEMBER) ( ! / ACCOUNTANT MEMBER) /CHENNAI, $ /DATED 20 TH MARCH, 2019 SOMU () *) /COPY TO: 1. APPELLANT 2. RESPONDENT 3. + () /CIT(A) 4. + /CIT 5. ) / /DR 6. 2 /GF