INCOME TAX OFFICER-25(3)(5), MUMBAI vs. NILIMA ABHIJIT TANNU, MUMBAI

Bench: Hon’Ble Shri Sandeep Gosain, Jm & Hon’Ble Shri G. Manjunatha, Am

capital gain scheme account before due date of filing return as provided in sub section 1 of section 139 of ITA. iii) From joint reading of the entire sub section 4 of section 54F

VAIJANTHI MAHAVIR OZA,MUMBAI vs. INCOME TAX OFFICER(IT)-3(3)(1), MUMBAI

In the result, appeal of the assessee in ITA no

Bench: Shri Saktijit Dey & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.5799/Mum/2017 (नििाारण वर्ा / Assessment Year: 2014-15) बिाम/ Vaijanthi Mahavir Oza, Income Tax Officer- C/O. Chhajed & Doshi, (International Taxation)- 101, Hubtown Solaris, 3(3)(1) V. N.S Phadke Marg, Room No. 1628, Near East West Flyover, 16Th Floor Andheri (E), Air India Building Mumbai- 400069 Mumbai स्थायी ऱेखा सं./ Pan: Abepo5631J (अपीऱाथी /Appellant) (प्रत्यथी / Respondent) .. Assessee By: Shri. Piyush Chhajjed Revenue By: Miss. Deepika Arora (Dr) सुनवाई की तारीख /Date Of Hearing : 09.01.2019 घोषणा की तारीख /Date Of Pronouncement : 03.04.2019 आदेश / O R D E R Per Ramit Kochar: This Appeal, Filed By Assessee, Being Ita No. 5799/Mum/2017, Is Directed Against Appellate Order Dated 23.06.2017, Passed By Learned Commissioner Of Income Tax (Appeals)-57, Mumbai (Hereinafter Called “The Cit(A)”), For Assessment Year 2014-15, The Appellate Proceedings Had Arisen Before Learned Cit(A) From The Assessment Order Dated 23.12.2016 Passed By Learned Assessing Officer (Hereinafter Called “The Ao”) U/S 143(3) Of The Income-Tax Act, 1961 (Hereinafter Called “The Act”) For Ay 2014-15. I.T.A. No.5799/Mum/2017

capital gains to the extent invested in the new residential house is not chargeable to tax under section 45 of the Act. The existing provisions contained in sub-section (1) of section 54F

SMT.MANJU MAHENDRA GOYAL,MUMBAI vs. INCOME TAX OFFICER 19(2)(3), MUMBAI

The appeal of the assessee is partly allowed

Bench: Shri Joginder Singh, Assessment Year: 2012-13 Smt. Manju Mahendra Goyal Income Tax Officer-19(2)(3), A/802, Surya Apartments, Room No.2018, Matru बनाम/ 53, Bhulabhai Desai Road, Mandir, Tardeo Road, Vs. Mumbai-400026 Mumbai-400007 "नधा"रती / Assessee राज"व / Revenue P.A. No.Aafpg2990N

1) and 54F of the Income-tax Act discloses that, a non residential building can be sold, the capital gain of which can be invested in a residential building to seek exemption of capital gain tax. However, the proviso to section

ITO 16(1)(4), MUMBAI vs. SHASHANKA GHOSH, MUMBAI

The appeal of the Revenue is dismissed

Bench: Shri Joginder Singh & Shri Ramit Kocharassessment Year: 2011-12 Income Tax Officer-16(1)(4), Vs Shri Shashanka Ghosh, Room No.438, 4Th Floor, C-701, Jay Bharat Chs Ltd. Aayakar Bhavan, Off. Yari Road,Near Amarnath M. K. Road, Tower, Varsova Andher (West), Mumbai-400020 Mumbai-400061 (राज"व /Revenue) ("नधा"रती /Assessee) Pan. No.Acwpg5915E

1) and 54F of the Income-tax Act discloses that, a non residential building can be sold, the capital gain of which can be invested in a residential building to seek exemption of capital gain tax. However, the proviso to section

DCITCC 3(2) CEN RG 3, MUMBAI vs. HRISHIKESH D. PAI, MUMBAI

In the result , the appeal of the Revenue in ITA no

Bench: Shri Saktijit Dey & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.2766/Mum/2017 (नििाारण वर्ा / Assessment Year : 2012-13) बिाम/ Dcit, Cc 3(2) Cen Rg 3 Shri Hrishikesh D. Pai, R.No. 1913, 19Th Floor, C/O M/S. Pregnancy Air India Building, Advice & Services, V. Nariman Point, 304, Pearl Centre, Mumbai S.B. Marg, Dadar, Mumbai 400028 स्थायी ऱेखा सं./ Pan : Aabpp2139C (अपीऱाथी /Appellant) .. (प्रत्यथी / Respondent) Revenue By: Shri. Manoj Kumar Singh, Dr Assessee By : Shri. Vijay Mehta सुनवाई की तारीख /Date Of Hearing : 23.08.2018 घोषणा की तारीख /Date Of Pronouncement :26.09.2018 आदेश / O R D E R Per Ramit Kochar: This Appeal, Filed By Revenue, Being Ita No. 2766/Mum/2017, Is Directed Against Appellate Order Dated 05.12.2016 Passed By Learned Commissioner Of Income Tax (Appeals)-5, Mumbai (Hereinafter Called “The Cit(A)”), For Assessment Year 2012-13, The Appellate Proceedings Had Arisen Before Learned Cit(A) From Assessment Order Dated 30.03.2015 Passed By Learned Assessing Officer (Hereinafter Called “The Ao”) U/S 143(3) Of The Income-Tax Act, 1961 (Hereinafter Called “The Act”) For Ay 2012-13. I.T.A. No.2766/Mum/2017

capital gain by the Assessing Officer and disallowed the claim of deduction u/s 54F of the IT Act, 1961" (ii) "On the facts and circumstances of the case, the CIT(A) was erred in deleting the addition made by the Assessing Officer under section 69B of the IT Act amounting to Rs. 1

RAVI KANT HUF,MUMBAI vs. ITO WD 23(4), MUMBAI

The appeal of the assessee is dismissed

Bench: Shri Joginder Singh & Shri N.K. Pradhanassessment Year: 2008-09 Shri Ravi Kant Huf, Income Tax Officer, Mohanlal Jain &Co., Ward-23(4), बनाम/ Chartered Accountant, Mumbai Vs. 10, Chartered House, Gr. Floor, Dr.C.H. Street, Marine Lines, Mumbai-400002 ("नधा"रती/Assessee) (राज"व /Revenue) P.A. No. Aabhr0354M

54F of the Act is complied with. Further the proviso to sub-section(4) of Section 54P of the Act, safe guards the Revenue where the assessee had not invested the amounts chargeable to Capital Gains within the time prescribed under sub-section(1

BASARIBANU MOHD RAFIQ LATIWALA,MUMBAI vs. ITO 12(3)(3), MUMBAI

In the result, appeal filed by the assessee in ITA No

Bench: Shri C.N. Prasad & Shri Ramit Kocharआयकर अपील सं./I.T.A. No. 5420/Mum/2016 ("नधा"रण वष" / Assessment Year : 2011-12) Smt. Basaribanu Mohd. Rafiq Income Tax Officer बनाम/ Latiwala, 12(3)(3), V. 701/702 Neelam, Aayakar Bhavan, Rizvi Complex, Mumbai. Carter Road, Bandra (West), Mumbai – 400 050. "थायी लेखा सं./Pan : Abgpl0686G (अपीलाथ" /Appellant) .. (""यथ" / Respondent)

Section 54F of 1961 Act as was in force during relevant period is reproduced hereunder: “ [Capital gain on transfer of certain capital assets not to be charged in case of investment in residential house. 54F. (1

ITO 25(2)(2), MUMBAI vs. MEHUL J DHABALIA, MUMBAI

Bench: Shri Amit Shukla & Shri Ashwani Taneja

capital gains u/s 48. Here in this case also, the Tribunal held that deeming provision as mentioned in section 50C will not be applicable to section 54F so far as the meaning of “full value of consideration” is concerned. The relevant observation of the Tribunal reads as under:- “In Explanation to s. 54F(1

ITO 25(2)(1), MUMBAI vs. JAGDISH C. DHABALIA, MUMBAI

Bench: Shri Amit Shukla & Shri Ashwani Taneja

capital gains u/s 48. Here in this case also, the Tribunal held that deeming provision as mentioned in section 50C will not be applicable to section 54F so far as the meaning of “full value of consideration” is concerned. The relevant observation of the Tribunal reads as under:- “In Explanation to s. 54F(1

ASSISTANT COMMISSIONER OF INCOME TAX-24(1), MUMBAI vs. ANIL GULABDAS SHAH, MUMBAI

Bench: Hon’Ble Shri Mahavir Singh, Jm & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकरअपील सं./ I.T.A. No.5134/Mum/2017 & Co. No. 319/Mum/2018 (िनधा"रण वष" / Assessment Year: 2012-13) Acit – 24(1) Shri Anil Gulabdas Shah, Room No. 604, 6Th Floor, B-1601, Titanium Towers बनाम/ 16Th Floor, Jai View Chsl Piramal Chamber, Parel Vs. Sahakar Nagar, Andheri (W) Mumbai. Mumbai – 400 058 "थायीलेखासं./जीआइआरसं./Pan/Gir No. Bmfps-8959-E (अपीलाथ"/Appellant)/Respondent (""थ" / Respondent)/Appellant : Revenue By : Shri Satish Chandra Rajore- Ld. Dr Assessee By : Shri Anil G. Shah – Assessee-In-Person सुनवाई की तारीख/ : 05/08/2019 Date Of Hearing घोषणा की तारीख / : 09/08/2019 Date Of Pronouncement आदेश / O R D E R Manoj Kumar Aggarwal (): - 1. Aforesaid Appeal By Revenue For Assessment Year [In Short Referred To As ‘Ay’] 2012-13 Contest The Order Of Ld. Commissioner Of Income- Tax (Appeals)-36, Mumbai, [In Short Referred To As ‘Cit(A)’], Appeal No. Cit(A)-36/It-217/Acit-24(1)/15-16 Dated 26/05/2017 On Following Grounds Of Appeal: -

1) Any profits or gains arising from the transfer of a capital asset effected in the previous year shall, save as otherwise provided in sections 54. 54B. 54D, 54E. 54EA. 54EB. 54F

VISHAL DUTT,NAVI MUMBAI vs. ITO WD 22(3)(4), NAVI MUMBAI

In the result, the appeal filed by the assessee in ITA N0

Bench: Shri Sanjay Garg & Shri Ramit Kocharआयकर अपील सं./I.T.A. No. 878/Mum/2014 ("नधा"रण वष" / Assessment Year : 2008-09) Vishal Dutt, बनाम/ Income Tax Officer, Ward 205, B-Wing, Big Splash, – 22(3)(4), V. Sector – 17,Vashi, 3 Rd Floor, Tower No. 6, Navi Mumbai – 400703. Vashi Railway Station, Navi Mumbai – 400 703. "थायी लेखा सं./Pan : Aagpd 1553 M (अपीलाथ" /Appellant) .. (""यथ" / Respondent)

Section 54F of the Act provides for exemption from payment of capital gain on transfer of certain capital assets in case the consideration for transfer is invested in acquiring the residential house. It reads as under: 54F. Capital gain on transfer of certain capital assets not to be charged in case of investment in residential house.—(1

RAJAN GUNBA TELANG,MUMBAI vs. PR. CIT - 21 , MUMBAI

In the result, assessee’s appeal stands dismissed

Bench: Shri Saktijit Dey & Shri N.K. Pradhan

1) of the Act was 31st July 2006, however, the assessee had filed her return of income on 28th March 2007 under section 139(4) of the Act. Since, the unutilized capital gain was invested in purchase of new property by the actual date of filing of return of income by the assessee under section

ACIT-16(1), MUMBAI vs. SHREY GULERI, MUMBAI

The appeal of the Revenue is dismissed

Bench: Shri Joginder Singh & Shri N.K. Pradhanassessment Year: 2009-10 Acit, Circle-16(1) Shri Shrey Sharma Guleri बनाम/ Room No.439, Aayakar Prime Channel Software Bhawan, 101, M.K. Road Communications P. Ltd. Vs. Mumbai 400 020 215, Kuber Complex New Link Road Andheri (West) Mumbai 400 053 (याजस्व /Revenue) (यनधाारयती /Assessee) P.A. No. Aaapg4566H याजस्व की ओर से / Revenue By Shri Saurabh Rai यनधाारयती की ओर से / Assessee By Shri Dilip V. Lakhani ुनवाई की तायीख / Date Of Hearing : 20/03/2018 आदेश की तायीख /Date Of Order: 22/03/2018

section 54F of the Act also:- “Capital gain on transfer of certain capital assets not to be charged in case of investment in residential house. 54F. (1

HEMANT SHAH,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX-20(1), MUMBAI

In the result, appeal of the assessee is partly allowed

Bench: Shri R.C. Sharma (A.M.) & Shri Pawan Singh (Jm) Hemant Shah Acit-20(1), Mumbai 10, Oomed Sadan 58, Sion, Mumbai 400 022 Vs Pan : Aadps2405E Appellant Respondednt

54F. Accordingly, minors, viz. Aditya and Natisha have no income 6 ITA No. 4566/Mum/2017-Hemant Shah (AY 2013-14) chargeable to capital gain in view of the investment in capital gain account scheme. 6. The Ld.AR submits that as per definition of income u/s 2(24)(vi), capital gain is defined as “capital gain chargeable u/s 45”. Section 45(1

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

1) as business income under section 41 (2) of the act and (2) short-term capital gain under section 50 of the act. 022. Now, the question arises is that though the capital gain shall be deemed to be the capital gain arising from the transfer of short term capital gain asset, but still can assessee claim exemption under Section

ITO WARD - 1(3), THANE, THANE vs. KALPANA PRADEEP AMBRE, THANE

Appeal is dismissed

Bench: Shri Joginder Singh & Shri G. Manjunathaassessment Year: 2012-13 Income Tax Officer, Smt. Kalpana Pradeep Ward-1(3), Ambre, बनाम/ Room No.10, 6Th Floor, 1801, Pristine Vasant Lawns, Vs. Ashar It Park, B-Wing, Pokhran Road No.2, Wagle Indl. Estate, Majiwada, Thane(W)-400604 Thane(W) (राज"व /Revenue) ("नधा"रती /Assessee) P.A. No.Aafpc0868D

1) of the Act for the purposes of depositing the capital gains in the Long Term Capital Gains scheme ignoring the provision of section 54F

ITO 25(2)(5), MUMBAI vs. KIRIT RAOJIBHAI PATEL, MUMBAI

In the result appeal of the learned AO is dismissed

Bench: Sri Prashant Maharishi, Am & Sri Pavan Kumar Gadale, Jm The Income Tax Officer- Kirit Raojibhai Patel 25(2)(5) 5Th Floor Ram Niwas, 34, Room No. 506, C-10, Vallabhnagar, N.S. Road, Vs. Pratyakshakar Bhavan, Bkc, Juhu, Vile Parele(W), Mumbai-400 051 Mumbai-400 049 (Appellant) (Respondent) Pan No. Aabpp3139J Assessee Represented By : Shri Rashmikant Choksey, Ar Department Represented By : Shri K.K. Mishra, Cit Dr Date Of Hearing: 08.12.2021 Date Of Pronouncement : 14.02.2022

capital gain account scheme utilised for renovation of the new flat which is nothing but the cost of improvement and thus cannot be included in the cost of new flat for the purpose of claiming deduction u/s 54F. 03. Brief facts of the case shows that the assessee is an individual resident who filed his return of income for Assessment

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

Capital gains - Exemption under section 54 Purchase of two flats - In the course of assessment proceedings, AO asked as to why exemption under section 54 in respect of one house might not be withdrawn as deduction was available in respect of only one house. Assessee had submitted that both flats were taken in the same Vile Parle, Mumbai for residential