GOBINDRAM CHANDRAMANI VIVEK,BANGALORE vs. INCOME TAX OFFICER - WARD 1(1), BANGALORE, BANGALORE

In the result, the appeal of the assessee is allowed for statistical purposes, in the manner indicated in this order

Bench: Mrs. Beena Pillai & Shri Ramit Kochar

Capital Gain Deposit Scheme A.Y. 2011-12 Shri. Gobindram Chandramani Vivek with the banks on or before the due date of filing of return of income under section 139(1). Our attention was drawn to the provisions of Section 54. The ld. counsel for the assessee relied upon the judgment and order of Hon’ble Karnataka High Court

SRI. RAMAKRISHNA NISHTALA,BANGALORE vs. THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE- 7(1)(2), BANGALORE

In the result appeal filed by assessee stands partly allowed

Bench: Shri Chandra Poojari & Smt. Beena Pillaiassessment Year : 2016-17

section 54F the Ld.AR submitted that, capital gain arose in the hands of assessee from transfer of long-term capital

SMT.ANUPAMA NAGESH,BANGALORE vs. INCOME TAX OFFICER, BANGALORE

In the result, the assessee's appeal is allowed

Bench: Shri Vijay Pal Rao

gain account for availing the deduction under Section 54/54F of the Act. For ready reference Section 54F is reproduced as under : “ 54F. (1) [Subject to the provisions of sub-section (4), where, in the case of an assessee being an individual or a Hindu undivided family], the capital

SHRI BHATKAL RAMARAO PRAKASH ,BANGALORE vs. INCOME TAX OFFICER WARD-5(2)(3), BANGALORE

In the result, the appeal by the Assessee is allowed

Bench: Shri N.V. Vasudevan & Shri Jason P. Boazassessment Year : 2015-16

54F = Long Term capital Gains x residential house Net Consideration 1,33,89,451 x 76,75,200 = Rs. 73,40,480/- 1,40,00,000 7.2 In view of the above discussion, taxable long term capital gains in assessee case are computed at Rs. 60,48,571/- (Rs. 1,33,89,451 — Rs. 73,40,480) and brought

DEPUTY COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE-2(4), BENGALURU vs. ALAGAPPA ANNAMALAI (HUF), BENGALURU

The appeals of the assessees are allowed\nand revenue appeals are dismissed

gains arising from\nthe transfer of a capital asset effected in the\nprevious year shail, save as otherwise\nprovided in sections 54,54B, 54D, 54E,\n54EA, 54EB. 54F

SRI ALAGAPPA ANNAMALAI(HUF),BANGALORE vs. DEPUTY COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE-2(4), BANGALORE

In the result, both the appeals of the assessees are allowed\nand revenue appeals are dismissed

gains arising from\nthe transfer of a capital asset effected in the\nprevious year shail, save as otherwise\nprovided in sections 54,54B, 54D, 54E,\n54EA, 54EB. 54F

SMT. PADMA RAJAGOPALAN,BANGALORE vs. INCOME TAX OFFICER, WARD - 3(3)(5), BANGALORE

Bench: Shri. B. R. Baskaran & Smt. Beena Pillaiassessment Year : 2015 – 16

section 54F of the Act, the condition preceded is that, capital gains realised from sale of capital asset should have

SRI ALAGAPPA MUTHIAH(HUF),BANGALORE vs. DEPUTY COMMISSIONER OF INCOME-TAX, CIRCLE-2(4), BANGALORE

In the result, both the appeals of the assessees are allowed\nand revenue appeals are dismissed

gains arising from\nthe transfer of a capital asset effected in the\nprevious year shail, save as otherwise\nprovided in sections 54,54B, 54D, 54E,\n54EA, 54EB. 54F

ITO vs. R. SRINIVAS,

In the result, both the Revenue’s appeal and the assessee's C

54F of the Act, since the assessee commenced construction of the new property only on 1.5.2009, the assessee ought to have deposited the amount of capital gains in the Capital Gains Account as per the Scheme framed by the Govt. on or before 31.7.2008, being the due date for filing the return for Assessment Year 2008-09 under Section

NAGAMMA,RAICHUR vs. INCOME TAX OFFICE-WARD 1, RAICHUR

In the result, appeal filed by the assessee is partly allowed

gain account scheme account. Hence, the amount spent on\nconstruction of house in Financial Year 2018-19 starting from January 2019\nwas not allowed under section 54F of the Act. The AO allowed index cost of\nacquisition of Rs.26,92,131/- and deduction under section 54B of the Act was\nallowed of Rs.16,01,435/-. Accordingly, long term capital

CHINNAPPA ANTHONAPPA,BANGALORE vs. ACIT, BANGALORE

In the result, the appeal by the assessee is allowed

Bench: Shri N.V. Vasudevan & Shri Jason P. Boazassessment Year : 2010-11

gain had been invested for construction, but the construction of house was not complete. The Court took the view that requirements of section 54F of the Act were completed by the assessee inasmuch as within the period required by provisions of section 54F of the Act, capital

SMT. S.M.SHOBA,BENGALURU vs. INCOME TAX OFFICER, WARD - 7(2)(1), BANGALORE

In the result, the appeal filed by assessee stands allowed

Bench: Shri. Chandra Poojari & Smt. Beena Pillaiassessment Year : 2016-17 Smt. S.M. Shoba, No. 1489, First Floor, The Income Tax 40Th Cross, 4Th T Block, Officer, Jayanagar, Ward 7 (2)(1), Bangalore – 560 041. Bangalore. Vs. Pan: Cxkps1454H Appellant Respondent Assessee By : Shri Ramasubramanian, Ca : Shri Priyadarshi Mishra, Addl. Revenue By Cit (Dr) Date Of Hearing : 09-02-2022 Date Of Pronouncement : 30-03-2022 Order Per Beena Pillaipresent Appeal Has Been Filed By Assessee Against The Order Dated 05.07.2019 Passed By The Ld.Cit(A)-7, Bangalore For Assessment Year 2016-17 On Following Grounds Of Appeal. “1. That The Order Of The Learned Commissioner Of Income- Tax (Appeals) In So Far It Is Prejudicial To The Interests Of The Appellant Is Bad & Erroneous In Law & Against The Facts & Circumstances Of The Case. 2. That The Learned Commissioner Of Income-Tax (Appeals) Erred In Law & On Facts In Denying The Cost Of The Land For Claiming Exemption U/S. 54F Of The Act On The Ground That Such Land Was Purchased Four Years Prior To The Date Of Sale Of Original Asset. 3. That The Learned Commissioner Of Income Tax (Appeals) Erred In Law & On Facts In Making An Enhancing The Assessment By Making A Of Disallowance From Rs.

section 54F of the Act, the condition preceded is that, capital gains realised from sale of capital asset should have

SHARADA MOHAN SHETTY,KARWAR vs. ITO, WARD-2, KARWAR

In the result, appeal of the assessee is partly allowed

Bench: Or During The Courses Of Appeal Hearing.” 2. The Brief Facts Of The Case Are That The Assessee Filed Return Of Income On 30/09/2015 For The Assessment Year 2015-16 Declaring Page 2 Of 16

capital gain the assessee decided to buy a site and construct a house under the provisions of Section 54F of the Income

DR. DEVIKA GUNASHEELA,BANGALORE vs. JCIT, BANGALORE

Bench: Shri N.V. Vasudevan & Shri A.K. Garodiaassessment Year: 2012-13

gain on transfer of a long term capital asset. In case of capital asset being Immovable property consisting of land or building or both, the period of holding is 24 Months to qualify as a long-term capital asset. 6. Under Section 54F

DEV KUMAR ROY ,BANGALORE vs. INCOME TAX OFFICER WARD-3(1)(1), BANGALORE

In the result, appeal of the assessee is partly allowed

Bench: Shri N.V. Vasudevan & Shri Jason P Boazassessment Year : 2012-13

54F: (1) Subject to the provisions of sub- section (4), where, in the case of an assessee being an individual or a Hindu undivided family, the capital gain

K S HANUMANTHA RAO,BANGALORE vs. PRINCIPAL COMMISSIONER OF INCOME TAX, BENGALURU-2, BANGALORE

In the result, the appeal filed by the assessee is partly allowed

Bench: Shri George George K

gains." 5.2.4 Perusal of definition of short term capital asset shows that the legislature has used the expression 'held'. In various other allied or similar sections, namely Section 54 / 54F

SRI JOSEPH K.ZACHARIAH ,BANGALORE vs. THE ASSISTANT COMMISSIONER OF INCOME TAX (INTERNATIONAL TAXATION) CIRCLE-1(2), BANGALORE

In the result, the appeal of the assessee is partly allowed for statistical purposes

Bench: Shri N.V. Vasudevan & Shri Chandra Poojariit(It)A No.879/Bang/2019 Assessment Year: 2014-15

section 54F(1) were amended whereby it was laid down that the new asset purchased or constructed by utilising the capital gain

SRI MAHENDRASINGH RAMSINGH JADAV,BENGALURU vs. INCOME TAX OFFICER, WARD-5(3)(5), BENGALURU

In the result, the appeal filed by the assessee is allowed for statistical purposes

Bench: Shri George George K, Jm & Shri B.R.Baskaran, Am

gains." 6.4 Perusal of definition of short term capital asset shows that the legislature has used the expression 'held'. In various other allied or similar sections, namely Section 54 / 54F