CEDRIC DSOUZA,MUMBAI vs. ITO 19(3)(1), MUMBAI

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ITA 3115/MUM/2015Status: DisposedITAT Mumbai26 April 2017AY 2010-112 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal found merit in the proposition to revisit the file of the Assessing Officer due to errors in computation. The matter was remanded to the AO for correct computation of deduction under Section 54.

What were the facts?

The assessee sold a flat and invested the gains in a new flat. There were errors in the details of the new asset and the extent of ownership as noted by the Assessing Officer and the assessee's representative.

What were the issues?

Whether the exemption under Section 54 of the Income Tax Act was correctly computed and whether the capital gains were computed accurately, considering the errors in asset details.

Which sections of the Income-tax Act were involved?

Section 54

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “SMC” BENCH, MUMBAI

Before: SHRI D. KARUNAKARA RAO

For Appellant: Shri Vijay Mehta
Hearing: 10.04.2017Pronounced: 26.04.2017

अऩीराथी की ओय से / Appellant by : Shri Vijay Mehta प्रत्मथी की ओय से/ Respondent by : Mrs. Beena Santosh सुनवाई की तायीख / Date of Hearing : 10.04.2017 घोषणा की तायीख /Date of Pronouncement : 26.04.2017 आदेश / O R D E R

PER D. KARUNAKARA RAO, AM:

1.

This appeal filed by the assessee on 22.5.2015 is against the order of the CIT (A)-32, Mumbai dated 2.3.2016 for the assessment year 2010-2011. In this appeal assessee raised the following grounds which read as under:- “1. The Authorities below erred in restricting the exemption u/s 54 of the Income Tax Act, 1961.

2. The Authorities below erred in computing the capital gains.”

2. Briefly stated relevant facts of the case are that the assessee owns a flat at Pali Hills in Somerset CHS and the same was sold for a sum of Rs. 2.25 Crs on 6.10.2009. Assessee is a 50% shareholder in the said flat and the other 50% is owned by his mother Mrs. Marie Khalkdina. Assessee invested the gains in a flat. There is a confusion in the mind of the AO regarding the details of the new asset and the extent of ownership of the said new asset.

3. During the proceedings before the Tribunal, Ld AR brought my notice certain mistakes committed by the assessee with regard to the value of the asset. Ld AR submitted that a new flat was purchased by the assessee jointly with his mother for Rs. 69,94,140/- against the correct sum of Rs. 90 lakhs. Similarly, Assessing Officer also committed certain errors with regard to the details of new asset. Otherwise,

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