{"id":240573,"date":"2009-11-26T00:00:00","date_gmt":"2009-11-25T18:30:00","guid":{"rendered":"https:\/\/www.legalindia.com\/judgments\/the-commissioner-of-income-tax-vs-shri-v-r-desai-on-26-november-2009"},"modified":"2017-10-03T05:42:06","modified_gmt":"2017-10-03T00:12:06","slug":"the-commissioner-of-income-tax-vs-shri-v-r-desai-on-26-november-2009","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/judgments\/the-commissioner-of-income-tax-vs-shri-v-r-desai-on-26-november-2009","title":{"rendered":"The Commissioner Of Income Tax vs Shri. V.R. Desai on 26 November, 2009"},"content":{"rendered":"
Kerala High Court<\/div>\n
The Commissioner Of Income Tax vs Shri. V.R. Desai on 26 November, 2009<\/div>\n
       \n\n  \n\n  \n\n \n \n  IN THE HIGH COURT OF KERALA AT ERNAKULAM\n\nITA.No. 235 of 2009()\n\n\n1. THE COMMISSIONER OF INCOME TAX,\n                      ...  Petitioner\n\n                        Vs\n\n\n\n1. SHRI. V.R. DESAI,\n                       ...       Respondent\n\n                For Petitioner  :SRI.JOSE JOSEPH, SC, FOR INCOME TAX\n\n                For Respondent  :SRI.P.BALAKRISHNAN (E)\n\nThe Hon'ble MR. Justice C.N.RAMACHANDRAN NAIR\nThe Hon'ble MR. Justice V.K.MOHANAN\n\n Dated :26\/11\/2009\n\n O R D E R\n                                                             (C.R)\n\n              C.N. RAMACHANDRAN NAIR &\n                      V.K.MOHANAN, JJ.\n                ----------------------------------------\n                     ITA. No.235 OF 2009\n                ----------------------------------------\n         Dated, the 26th day of November, 2009\n\n                           JUDGMENT\n<\/pre>\n
Ramachandran Nair, J.\n<\/p>\n<\/p>\n
      This  appeal is filed by the Revenue under section<\/p>\n
260A of the Income Tax Act challenging the order of the<\/p>\n
Income Tax appellate Tribunal granting exemption under<\/p>\n
Section 54 F of the Income Tax Act to the respondent-<\/p>\n
assessee from paying tax on long term capital gains. The<\/p>\n
assessee was the        Managing Partner of the firm namely<\/p>\n
M\/s.Desai Nirman which was engaged, among other things,<\/p>\n
in real estate business including construction and sale of<\/p>\n
flats.  During the       previous        year relevant       for   the<\/p>\n
assessment year 1995-96, the assessee transferred 12.876<\/p>\n
cents of land to the said Partnership firm treating it as his<\/p>\n
contribution to the     capital of the firm.          The firm in turn<\/p>\n
credited capital account       of the respondent-assessee with<\/p>\n
ITA 235\/09
\n                                  -:2:-<\/span><\/p>\n
Rs.38,62,800\/- ,the full value of the land brought to the firm<\/p>\n
by the respondent-assessee as capital contribution.       The<\/p>\n
assesssee, thereafter availed loan from HDFC bank for the<\/p>\n
construction of the house and within three years from the<\/p>\n
date of transfer of land to the firm, he got new house<\/p>\n
constructed by another firm M\/s. Desai Home in which also<\/p>\n
the assessee was a partner. In the income tax return filed<\/p>\n
for the assessment year 1995-96, the assessee made a<\/p>\n
claim for exemption on the capital gains arising from transfer<\/p>\n
of the land under section 54 F of the Act. The Assessing<\/p>\n
Officer noticed that the assessee had not invested the sale<\/p>\n
consideration   in full or   part      in any of the specified<\/p>\n
accounts prior to the date of filing return in terms of section<\/p>\n
54F(4) of the Act. He therefore, completed the assessment<\/p>\n
and issued   intimation under section 143(1)(a) of the Act<\/p>\n
holding that the assessee is not entitled to exemption under<\/p>\n
Section 54F of the Act. The assessment so issued in the<\/p>\n
form of intimation under section 143(1)(a) was challenged<\/p>\n
by the assessee before the first appellate authority,     who<\/p>\n
ITA 235\/09
\n                                  -:3:-<\/span><\/p>\n
dismissed the appeal. In the second appeal filed by the<\/p>\n
assessee,      the assessee        took the contention that<\/p>\n
disallowance of exemption under section 54F cannot be<\/p>\n
made while issuing intimation under section 143(1)(a) of the<\/p>\n
Act and in the alternative, the assessee contended that facts<\/p>\n
establish construction of a new house        within three years<\/p>\n
from   the date of sale of land,       and   so much so, the<\/p>\n
assessee is entitled to exemption in terms of Section 54 F<\/p>\n
of the Act.     The Tribunal upheld       the    claims of the<\/p>\n
respondent-assessee on both grounds raised and therefore<\/p>\n
they cancelled the assessment proceedings          issued under<\/p>\n
section 143(1) (a) of the Act.    It is against this order of the<\/p>\n
Tribunal the Revenue has filed this appeal and we have<\/p>\n
heard the Senior      Standing Counsel appearing         for the<\/p>\n
Revenue and        Sri P.Balakrishnan appearing         for the<\/p>\n
respondent-assessee.\n<\/p>\n
      2. There is no dispute that the transfer of the land by<\/p>\n
the assessee to the partnership firm towards his capital<\/p>\n
contribution to the firm is a transfer within the meaning of<\/p>\n
ITA 235\/09
\n                                  -:4:-<\/span><\/p>\n
Section 2(47) of the IT Act which is subject to long      term<\/p>\n
capital gains under section 45(3) of the Act. In the return<\/p>\n
filed for the assessment year 1995-96, the assessee had in<\/p>\n
fact offered tax on capital gains on the very same transaction<\/p>\n
of   contribution of the above land towards        his capital<\/p>\n
contribution as     managing partner.       However,     since<\/p>\n
assessee had         availed loan from      HDFC bank and<\/p>\n
constructed house within three years from the date of<\/p>\n
transfer of the land to the firm, the     assessee     claimed<\/p>\n
exemption of capital gains on       investment  made in the<\/p>\n
construction of the new building under section 54F of the<\/p>\n
Act.       The   contention    raised by the senior counsel<\/p>\n
appearing for the Revenue is that, in order to qualify for<\/p>\n
exemption under section 54F, the asseseee should have<\/p>\n
purchased     house within one       year     or should have<\/p>\n
constructed    residential house within a period of three<\/p>\n
years from the date of transfer in either case by utilising the<\/p>\n
sale proceeds of land. Further, for qualifying for exemption,<\/p>\n
the assessee should have, before the date of filing return,<\/p>\n
ITA 235\/09
\n                                  -:5:-<\/span><\/p>\n
deposited the     net sale     consideration received     in a<\/p>\n
nationalised bank in terms of the Section 54 F(4) and the<\/p>\n
receipts should have been produced along with the return<\/p>\n
filed.   The counsel for the assessee on the other hand,<\/p>\n
contended that in order to qualify for exemption, there is no<\/p>\n
need to utilise       the sale consideration towards the<\/p>\n
construction cost of the house and it is enough during the<\/p>\n
period of three years,      equivalent amount is invested in<\/p>\n
the construction of the house. According to the assessee’s<\/p>\n
counsel, the assessee        admittedly had constructed new<\/p>\n
house within three years from the date of transfer     of the<\/p>\n
property and therefore is eligible for exemption.<\/p>\n
      3. On going through Section 54F, particularly sub-<\/p>\n
section 4, we are of the view that      in order to qualify for<\/p>\n
exemption on capital gains, before the last date for filing<\/p>\n
return, the    net   sale consideration should have been<\/p>\n
deposited in any bank account specified by the government<\/p>\n
for this purpose. In fact, the requirement of sub-section 4 of<\/p>\n
Section 54F is that the assessee should produce along with<\/p>\n
ITA 235\/09
\n                                 -:6:-<\/span><\/p>\n
the return,  proof of deposit of      the amount under    the<\/p>\n
specified scheme in a Nationalised Bank. Admittedly, the<\/p>\n
assessee    allowed the firm    to which the property    was<\/p>\n
transferred to retain and use it as a business asset and<\/p>\n
towards consideration he got only credit of land value in his<\/p>\n
capital account. In other words, sale consideration was not<\/p>\n
received by the assessee in cash or deposited the same in<\/p>\n
terms of clause 4 of Section 54F with any Nationalised Bank<\/p>\n
or institution. Consequently the assessee did not have the<\/p>\n
sale proceeds available for investment in terms of scheme<\/p>\n
under section 54F(3) of the Act.      In our view, in order to<\/p>\n
qualify for exemption under section 54F(3), the assessee<\/p>\n
should have first    deposited    the sale proceeds of the<\/p>\n
property in any bank account and the construction of the<\/p>\n
house to qualify  for  exemption under Section 54F should<\/p>\n
have been completed     by utilising the sale proceeds also<\/p>\n
available   with the assessee.     In this case, though the<\/p>\n
assessee constructed new building within the period of three<\/p>\n
years from the date of sale, it was with funds borrowed<\/p>\n
ITA 235\/09
\n                                 -:7:-<\/span><\/p>\n
from HDFC.      In our view, the assessee is not entitled to<\/p>\n
exemption under section 54F because the assessee neither<\/p>\n
deposited the sale proceeds for construction of            the<\/p>\n
building in the bank in terms of sub -section (4) before the<\/p>\n
date of filing returns nor was the sale proceeds utilised<\/p>\n
for construction in terms of Section 54F(3) of the Act.     So<\/p>\n
much so, the assessee        was     not entitled     to claim<\/p>\n
exemption on capital gains under section 54F of the Act<\/p>\n
which the assessing officer rightly declined.<\/p>\n
      4.    The  next question to be considered is whether<\/p>\n
claim of exemption under Section 54F could be disallowed in<\/p>\n
the course of proceedings under section 143(1)(a) of the<\/p>\n
Act. It is settled position that the section authorises the<\/p>\n
assessing officer to make disallowance of items which are<\/p>\n
prima facie inadmissible.       The assessee who claims<\/p>\n
exemption     should prove the   ingredients of   section with<\/p>\n
facts. The assessee has no case that he received any<\/p>\n
sale proceeds for the sale of the land to the the firm of which<\/p>\n
he is a partner.    The   firm was allowed to purchase the<\/p>\n
ITA 235\/09
\n                                  -:8:-<\/span><\/p>\n
property from the managing partner of the firm, towards his<\/p>\n
capital contribution at a very low cost and the firm developed<\/p>\n
the property and sold the same. It was the duty of the<\/p>\n
assessee to establish     the eligibility for exemption from<\/p>\n
payment of     tax on    capital gains   by    production   of<\/p>\n
documents in terms of the statutory provisions. According to<\/p>\n
the relevant provisions stated above in the first place,      it<\/p>\n
was the duty of the assessee to deposit            the net sale<\/p>\n
proceeds in the bank before due date for filing return and<\/p>\n
furnish proof of the same along with the return filed which<\/p>\n
was admittedly not done.      Secondly, by allowing credit of<\/p>\n
value of transferred property in the capital account of the<\/p>\n
assessee in the firm, the assessee concedes that the sale<\/p>\n
proceeds was neither received nor going to be utilised for<\/p>\n
construction or    purchase of house. So much so, in our<\/p>\n
view, exemption claimed         under Section 54 F was prima<\/p>\n
facie inadmissible and, therefore, the officer was justified in<\/p>\n
making disallowance in the proceedings under section 143<\/p>\n
(1)(a) of the Act.      Consequently, the appeal is allowed<\/p>\n
ITA 235\/09
\n                              -:9:-<\/span><\/p>\n
vacating the order of the Tribunal and by   restoring  the<\/p>\n
assessment confirmed by the first appellate authority.<\/p>\n
                             C.N.RAMACHANDRAN NAIR
\n                                        JUDGE<\/p>\n
                                      V.K.MOHANAN,
\n                                           JUDGE<\/p>\n
kvm\/-\n<\/p>\n
ITA 235\/09
\n              -:10:-<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"
Kerala High Court The Commissioner Of Income Tax vs Shri. V.R. Desai on 26 November, 2009 IN THE HIGH COURT OF KERALA AT ERNAKULAM ITA.No. 235 of 2009() 1. THE COMMISSIONER OF INCOME TAX, … Petitioner Vs 1. SHRI. V.R. DESAI, … Respondent For Petitioner :SRI.JOSE JOSEPH, SC, FOR INCOME TAX For Respondent :SRI.P.BALAKRISHNAN (E) […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8,21],"tags":[],"class_list":["post-240573","post","type-post","status-publish","format-standard","hentry","category-high-court","category-kerala-high-court"],"yoast_head":"\nThe Commissioner Of Income Tax vs Shri. V.R. 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