KAMAL KISHORE JAISWAL,DEHRADUN vs. ACIT, DEHRADUN
In the result, the appeal of the assessee is allowed for statistical purposes
ITA 991/DEL/2017[2007-08]Status: DisposedITAT Dehradun27 Apr 2022AY 2007-08
Bench: Dr. B. R. R. Kumar & Sh. Yogesh Kumar U.S.Assessment Year: 2007-08 Kamal Kishore Jaiswal, Vs Asst. Commissioner Of Income Tax, 23/25, Pritam Road, Central Circle, Dalanwala, Dehradun. Dehradun. (Appellant) (Respondent) Pan No. Acdpk1166C Assessee By : None Revenue By : Sh. N.S. Jangpangi, Cit-Dr Date Of Hearing: 25.04.2022 Date Of Pronouncement: 27.04.2022 Order Per Yogesh Kumar U.S.: This Appeal Has Been Filed By The Assessee Against The Order Of The Ld. Cit(A)-Iv, Kanpur Dated 16.01.2017. 2. Brief Facts Of The Case Are That, During The Year Under Consideration, The Assesse Had Sold Plot On Which Long Term Capital Gain (Ltcg)Of Rs.22,62,367/- Has Been Declared In His Return Of Income Filed Under Section 139 Of The Act. Out Of Ltcg, Rs.13,95,000/- Has Been Claimed Exempt Under Section 54F Of The Act, Which Was Invested In The Purchase Of Residential House Property Amounting To Rs.38,95,000/- At Pritam Road, Dehradun. A Loan Amount Of Rs.25 Lakh Had Been Availed From Hdfc Bank For Purchase Of The Said Property. The Balance Amount Of Rs.8,67,367/- As Capital Gain Was Offered To Tax. At The Time Of 2 Kamal Kishore Jaiswal Filing Return Under Section 153A Of The Act, The Assessee Claimed Entire Amount Of Long Term Capital Gain Exempt Under Section 54F Act, Therefore, A Show Cause Notice Has Been Issued To The Assesse & A Reply Has Been Submitted By The Assesse On 05.02.2013 In The Following Manner:
For Appellant: NoneFor Respondent: Sh. N.S. Jangpangi, CIT-DR
Section 139Section 147Section 153ASection 217(1)(c)Section 54F
54F of the Act, which is available with reference to the quantum of ‘net consideration’ received on the transfer giving rise to the capital gains and the cost of newly acquired house property and not with reference to the immediate source of the money for its acquisition besides proceedings u/s. 153A of the Act are aimed at making de novo
