R.K. Bali, Accountant Member - (1.) THESE two appeals by the Revenue involve common points and are therefore disposed of by a common order for the sake of convenience.
(2.) In both the appeals the common ground taken by the Revenue is as under: The Id. CIT(A) has erred in law and on facts in directing the AC(IT) to rectify the intimations issued under Section 143(1)(a) and to accept the figures of capital gain as declared by the assessee. Briefly the facts are that in ITA No. 2919/Ahd./1993, the assessee has filed her return of income on 31-8-1992 declaring total income of Rs. 10,47,272. In the return the Long Term Capital Gain earned by the assessee was computed at NIL figure in the following manner : "Full value of consideration Rs. 6,47,94,047 Less: 1. Cost of acquisition 1,18,800 2. Expenses related to the said transfer 19,41,701 Rs. 20,60,501 Rs. 6,27,33,546 Less : Other deductions : 1. Under Section. 48(2): First Rs. 15,000 @ 100% 15000 Bal. 62,78,546 @ 60% 37,631,128 Rs. 3,76,46,128 2. Deductions correspon- ding to investment of Rs.2,50,00,000 being made as envisaged by Section 54E on or before stipulated time (evidence thereof will be furnished soon after the investment is made): 2,50,00,000 X 6,27,33,546 ------------------------- 6,47,94,047 Rs. 2,42,04,980 3. Rs. 50,00,000 is made as envisaged by section 54F in capital gain deposit A/c No. 1875 with Bank of India, New Cloth Market, Ahmedabad on 27-8-1992 : 50,00,000 X 6,27,33,546 ------------------------ 6,47,94,047 Rs. 48,40,996 --------------- Rs. 6,66,92,104 Deductions restricted to ... Rs. 6,27,33,546 -------------------- Chargeable Capital Gain Rs. Nil'
(3.) IN ITA No. 2920/Ahd./1993, the assessee filed her return on 31-8-1992 declaring total income of Rs. 7,89,960. The Long Term Capital Gain was computed at NIL figure in the following manner : "Full value of consideration Rs. 4,22,11,586 Less: 1. Cost of acquisition 1,91,102 2. Expenses related to the said transfer 12,60,953 Rs. 14,52,055 Rs. 4,07,59,531 Less : Other deductions : 1. Under Section. 48(2): First Rs. 15,000 @ 10096 15000 Bal. Rs. 4,07,44,531 @ 60% 2,44,46,718 Rs. 2,44,61,718 2. Deductions correspon- ding to investments of Rs. 2,00,00,000 being made as envisaged by Section 54E on or before stipulated time (evidence thereof will be furnished soon after investments is made): Rs. 2,00,00,000 X 4,07,59,531 -------------------------- 4,22,1 1,586 Rs. 1,93,12,011 ----------------- Rs. 4,37,73,730 Deduction restricted to ... Rs. 4,07,59,531 ----------------- Chargeable Capital Gain ... Rs. NIL.";