ALOK KUMAR CHAMRIA (HUF),KOLKATA vs. I.T.O., WARD - 32(3), KOLKATA, KOLKATA

The appeal of the assessee is allowed

Bench: Shri Sonjoy Sarma & Shri Rajesh Kumari.T.A. No.1487/Kol/2024 Assessment Year: 2017-18 Alok Kumar Chamria (Huf)…………........………………....Appellant 25E Chamria House, Shakespeare Sarani, 3Rd Floor, W.B. – 700017. [Pan: Aafha4854F] Vs. Ito, Ward-32(3), Kolkata.….……….…............................…..…..... Respondent Appearances By: Mrs. Saswati Mitra (Dutta), Advocate, Appeared On Behalf Of The Assessee. Shri Pradip Kr. Biswas, Addl. Cit, Appeared On Behalf Of The Revenue. Date Of Concluding The Hearing : November 19, 2024 Date Of Pronouncing The Order : November 29, 2024 आदेश / Order Per Sonjoy Sarma: The Present Appeal Has Been Preferred By The Assessee Against The Order Dated 29.04.2024 Of The National Faceless Appeal Centre [Hereinafter Referred To As ‘Cit(A)’] Passed U/S 250 Of The Income Tax Act (Hereinafter Referred To As The ‘Act’). 2. The Brief Facts Of The Case Are That The Assessee Filed Its Return Of Income On 03.08.2017 By Declaring A Total Income Of Rs.12,14,280/-. The Return Was Processed U/S 143(1) Of The Act & Refund Of Rs.26,980/- Was Issued. Subsequently, The Case Was Selected For Scrutiny & Notices U/S 143(2) & 142(1) Of The Act Were Issued Requiring The Assessee To Furnish Specific Details. The Assessee Submitted Responses & Uploaded Documents Periodically. During The Scrutiny Proceedings, The Assessing Officer Observed That The Assessee Had Declared Long-Term Capital Gain (‘Ltcg’) From The Sale Of Immovable Property. The Assessing Officer Noted That Sale Consideration For Seven Flats As Per Sale Deed Was Lower Than The Stamp Duty Value. He Invoked

price declared and stamp duty value. The Assessing Officer noticed that the assessee claimed deduction of Rs.2,68,92,241/- u/s 54F of the Act in respect of investment made in two flats i.e. Flat No.B-12, and Flat No.11, at Kalpataru Avana, Maharashtra. The Assessing Officer denied the deduction on the ground that the assessee owned three residential units