SONIA PATHAK KHANNA,MUMBAI vs. INCOME TAX OFFICER-25(1)(2), MUMBAI

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

Bench: Shri Prashant Maharishi, Am Income Tax Officer, Sonia Pathak Khanna, Ward 25(1)(2) Flat No.14, 5Th Floor, Room No. 204, 2Nd Floor, Kodinar, Model Town, Off Kautilya Bhavan, C-41 To C- J.P. Road, Four Bungalows, 43 Vs. Andheri (W), Mumbai-400 G Block, Bandra Kurla 053 Complex, Bandra(E), Mumbai-051 (Appellant) (Respondent) Pan No. Aabpp6359C Assessee By : Shri K Gopal, Ar : Shri R.R. Makwana, Dr Revenue By Date Of Hearing: 13.06.2024 Date Of Pronouncement : 12.07.2024

54F of the Act which has arisen from the transfer of long term capital asset. 016. The learned Departmental Representative vehemently supported the order of the learned lower authorities. He submitted that if the assessee has earned short term capital gain on sale of property which is chargeable to tax as short term capital gain under Section

THE DY. COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-6(4), MUMBAI vs. SHRI NARENDRA GEHLAUT, MUMBAI

In the result, the appeal filed by the Revenue is partly allowed e appeal filed by the Revenue is partly allowed for statistical purposes

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () Assessment Year: 2017-18 The Dy. Cit, Central Circle-6(4), Shri Narendra Gehlaut, Room No. 1925, 19Th Floor, Air 875, Sector – 17B, Gurgaon, India Building, Nariman Point, Vs. Haryana, 122 001. Mumbai-400021. Pan No. Aazpg 9630 K Appellant Respondent

capital gain. 5.7 The ld counsel further ld counsel further relied on the decision of the Hon' ble on the decision of the Hon' ble the case of Gurbax Singh v. Kartar Singh Gurbax Singh v. Kartar Singh Supreme Court in the case of [2002] 254 IT 112 (SC) [2002] 254 IT 112 (SC) wherein it was held that

CHERYL OSCAR PEREIRA,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE - 13(1)(2), MUMBAI, MUMBAI

In the result, appeal of the assessee bearing ITA No

Bench: Shri Anikesh Banerjee & Shri Gagan Goyal

capital gain:” The section 54F of the Act is read as follows: - Capital gain on transfer of certain capital assets

FAROOQ ABDULLA MERCHANT,MUMBAI vs. ITO 23 (1)(4), MUMBAI

In the result, Ground No. V raised by the assessee is partly allowed

Bench: Shri S. Rifaur Rahman, Hon'Ble & Ms. Kavitha Rajagopal, Hon'Blefarooq Abdulla Merchant V. Income Tax Officer- Ward – 23(1)(4) Matru Mandir, Tardev Road A-1401, Poseidon Tower Mumbai – 400 007 Versova, Yari Road Above Indian Bank, Versova Andheri (W), Mumbai - 400061 Pan: Ahupm7426K (Appellant) (Respondent) Assessee Represented By : Shri Vimal Punamiya Department Represented By : Smt. Vranda U. Matkarni

Section 54 and 54F, providing for exemption from long-term capital gains tax, only if the investment is made in one residential

DHANANJAY MADHUKAR NAIK,MUMBAI vs. ITO 12(3)(3), MUMBAI

In the result, appeal filed by the assessee is allowed

Bench: Shri Aby T Varkey, Hon’Ble & Shri S. Rifaur Rahman, Hon'Bledhananjay Madhukar Naik V. Ito 12(3)(3) 306, Meghdoot Chsl, Sahaji Raje Marg Room No. 1631, 16Th Floor Koldongri, Vile Parle (W) Air India Building, Nariman Point Mumbai- 400057 Mumbai- 400021 Pan: Alrpn7498M (Appellant) (Respondent) Assessee Represented By : Shri Anil Masand Department Represented By : Shri P.D. Chougule

capital gain amount in property which is the crux of Section 54F, to promote the investment of capital gains in property

TARUN KUMAR RATAN SINGH RATHI,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE - 32(1), MUMBAI

54F of\n\"the act\".\nFurther, the Ld AO has also disallowed the expenditure amounting\nto Rs 19,70,132/- оn account of expenses in relation to earning of\nlong-term capital gains for want of nature of expenses.\n8. After having gone through the facts of the case, we\nnoticed that the claim of the assessee

SHALINI ANAND MURTHY,MUMBAI vs. ACIT 17(3), MUMBAI

In the result, appeal of the assessee is dismissed

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () Assessment Year: 2011-12

Capital gains Account Scheme, 1998’ and claimed e 1998’ and claimed exemption under section 54F amounting to xemption under section

ABDUL RAHIM SULEMAN GHASWALA,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX 41(4)(1), MUMBAI

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

Bench: Shri Amit Shukla () & Ms. Padmavathy S. () Assessment Year: 2016-17 Abdul Rahim Suleman Ghaswala, Dcit-41(4)(1), 142/148, Ghaswala Estate, Sv Kautilya Bhavan, Bandra Road, Jogeshwari (West)-400102 Vs. Kurla Complex, Bandra (East)-400051. Pan No. Aalpg 9087 A Appellant Respondent Assessee By : Mr. S.M. Makhija Revenue By : Mr. A.S. Sant, Sr. Dr : Date Of Hearing 27/12/2023 : Date Of Pronouncement 01/01/2024

section 54F of the Act. Capital gain on transfer of certain capital assets not to be charged Capital gain on transfer

ZAINUL ABEDIN GHASWALA,MUMBAI vs. COMMISSIONER OF INCOME TAX (APPEALS), MUMBAI

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

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 2016-17 Zainul Abedin Ghaswala, Cit(A), Nfac, At 142/148, Ghaswala Estate Pratyakshakarbhavan, C- S.V. Road, Jogeshwari (West), Vs. 13, Bandra Kurla Mumbai-400102. Complex, Bandra East, Mumbai-400051. Pan No. Afnpg 7463 D Appellant Respondent Assessee By : Mr. Sunil M. Makhija– Advocate Revenue By : Mr. A.N. Bhalekar, Dr : Date Of Hearing 04/05/2023 : Date Of Pronouncement 22/05/2023 Order

section 54F, where assessee on date of sale of long term ssee on date of sale of long term capital asset owns a residential house even jointly with capital asset owns a residential house even jointly with capital asset owns a residential house even jointly with another person, his claim for deduction of capital gain

SHRI RAJESH RAMCHANDRA DAKE,PANVEL vs. DY CIT CC-1, MUMBAI

gains addition, the Tribunal held that the lands sold were agricultural lands, situated beyond 8 km from the municipal limits (based on physical measurement and Google Maps evidence), and therefore not a capital asset under Section 2(14) of the Act. The Revenue's cross-objection was dismissed as infructuous.", "result": "Allowed", "sections

RAVI SHROFF,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX - 25(3), MUMBAI, BANDRA (EAST), MUMBAI

In the result, all remaining ground are allowed with the aforesaid directions

Bench: SHRI PAWAN SINGH (Judicial Member), SHRI PRABHASH SHANKAR (Accountant Member)

capital gain was claimed under section 54F on sale of similar share. Though, capital gain was accepted but deduction under

DEEPA PAMNANI,MUMBAI vs. ITO WARD 20(1)(4), MUMBAI

In the result, the appeal of the assessee is partly allowed

Bench: Shri Prashant Maharishi, Am & Shri Sunil Kumar Singh, Jm Ms. Deepa Pamnani Vs. The Income Tax Officer Pamnanai Hospital & Ward 20(1)(1) Research Center Piramal Chamber 33 Cf +6Qc , Railway Station Lal Baug Road, Prem Colony, Mandasur Mumbai 400012 Madhya Pradesh 458001 Pan Cstpp4472L (Appellant) (Respondent) Pan No. Akepg6370P Appellant By : Shri Bhupendra Shah Ca & Mr. Kapil Jain Ca Revenue By : Smt. Mahita Nair, Dr Date Of Hearing: 30.05.2024 Date Of Pronouncement : 18.06.2024 O R D E R Per Prashant Maharishi, Am:

54F of the act. The learned assessing officer has accepted the long-term capital gain earned by the assessee. However, the learned CIT – A has considered the long-term capital gain shown by the assessee as income chargeable to tax under section

SHWETA SINGH,MUMBAI vs. ITO-WARD 33(3)(2), MUMBAI

In the result, the appeal by the assessee is allowed

Bench: Shri Prashant Maharishi & Shri Sandeep Singh Karhail

54F of the Act. In the present case, on 03/09/2012 the assessee sold agricultural land at Bhopal for a total consideration of Rs.64 lakh and earned long-term capital gains of Rs.61,65,564. Since the assessee deposited the capital gain consideration in the capital gain account scheme, accordingly it claimed deduction under section

MEENA HASMUKH SAVLA,MATUNGA MUMBAI vs. ASSESSMENT UNIT, NATIONAL FACELESS ASSESSMENT CENTRE

In the result the appeal filed by the assessee is\nallowed

capital gain on sale / purchase of the shares of 'M' Ltd. and claimed the same as exempt under section 54F

INCOME TAX OFFICER, MUMBAI vs. SHERIAR PHIROJSHA IRANI, MUMBAI

In the result, the appeal by the Revenue is dismissed

Bench: Shri. Om Prakash Kant & Shri. Sandeep Singh Karhail

capital gain arising from sale of land. 2 The revenue authorities finding that assessee had sold undivided share in land and not land plus residential house/apartments rejected assessee's claim for deduction under section 54. 3. As regards deduction under section 54F

KENNETH M. MISQUITTA ,MUMBAI vs. ITO, 25(2)(5), MUMBAI

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

Bench: Shri Kuldip Singh, Jm & Ms Padmavathy S, Am

Section 54F of the Act which reads as follows:- 54F. CAPITAL GAIN ON TRANSFER OF CERTAIN CAPITAL ASSETS NOT TO BE CHARGED

AKSHAY JANAK SHAH,MUMBAI vs. INCOME TAX DEPARTMENT NFAC, DELHI

Section 54F of the Act is not available. The documents relating to sale of Capital Asset were registered during the previous year relevant to the Assessment Year 2014-15, and therefore, the short-term capital gains

RITA SUNIL SHAH,MUMBAI vs. INCOME TAX OFFICER(IT) 4(2)(1), MUMBAI

The appeals are partly allowed

Bench: Prashant Maharishi, Am & Shri Raj Kumar Chauhan, Jm The Income Tax Officer(It) Sunil Amritlal Shah 4(2)(1) C/O Vimal Punimiya & Room No. 1708, Co.,501, 17Th Floor, Vs. Niranjan, Air India Building, 99, Marine Drive, Nariman Point, Mumbai 400002 Mumbai 400021 (Appellant) (Respondent) Pan No. Hvnps5321F The Income Tax Officer(It) Rita Sunil Shah 4(2)(1) C/O Vimal Punimiya & Room No. 1708, Co.,501, 17Th Floor, Vs. Niranjan, Air India Building, 99, Marine Drive, Nariman Point, Mumbai 400002 Mumbai 400021 (Appellant) (Respondent) Pan No. Djgps8073B

section 54F. In our view the Tribunal has rightly negatived this contention and has held that the new residential house had been purchased by the assessee within two years after the sale of the capital asset which resulted in long- term capital gains