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Facts
The assessee declared long-term capital gains from the sale of land after claiming exemption under section 54F, resulting in nil capital gain. The Assessing Officer (AO) made an addition, disagreeing with the assessee's valuation and the sale consideration taken.
Held
The Tribunal held that the addition made by the Assessing Officer did not survive. The AO's addition was found to be unsustainable based on the details provided, including TDS under section 194IA and the statement of long-term capital gains.
Key Issues
Validity of the addition made by the AO on account of capital gains and whether the assessee's valuation and claim for exemption were correctly treated.
Sections Cited
54F, 194IA
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Income Tax Appellate Tribunal, SURAT “SMC” BENCH, SURAT
Before: DR. B.R.R. KUMAR, VICE- & MS. SUCHITRA KAMBLE
per his report has taken the value @ 76 per sq. ft. The assessee has given the details of Tax Deducted at Source on sale of immovable property u/s 194IA which clearly indicates that total transaction was Rs.29,53,983 and the statement of Long Term Capital Gain has taken sale price at Rs.27,99,437/-. After claiming the exemption u/s 54F, the said capital gain becomes Nil. Therefore, we hold that the addition made by the Assessing Officer does not survive. Thus, the appeal of the assessee is allowed.
In the result, the appeal of the assesse is allowed.
The order is pronounced in the open Court on 21.01.2026