TaxTMI 
TaxTMI 
2006 (6) TMI 256
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.... Rs. 3,74,276 2. The ld. CIT(A) erred in disallowing interest payment of Rs. 25,200 for want of details even though the details was filed at the time of filing of return of income itself." 3. The relevant facts in this case are that capital gain has arisen to the assessee on account of sale of shares amounting to Rs. 3,83,976 out of sale consideration of Rs. 5,08,040. The assessee sought deduction under section 54F in respect of capital gain for purchase of residential flat on 18-8-1995 at Rs. 9,00,000. The Assessing Officer further observed that in earlier assessment years i.e. 1995-96 and 1996-97, capital gain has arisen to the assessee in respect of sale of shares and assessee has sought deduction under section 54F in those years a....
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....sessee has within a period of one year before or within two years after the sale of such long-term capital asset purchased or within three years have constructed a residential house. (iv)The new house purchased is not sold within 3 years from date of purchase/construction. (v)The cost of new residential house is more than the deduction under section 54F shall be proportionate to sale of asset of the cost of new assets vis-a-vis the capital gains. (vi)The assessee should not own any other residential house other than the new house. (vii)The assessee should not purchase any other new residential house within year or construct any other new residential within three years. The ld. CIT(A) decided the issue against the assessee con....
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....section 54F in respect of same property for the three assessment years and in the relevant assessment year it cannot be said that assessee had appropriated sale consideration for the purchase of residential flat, as the flat was already purchased by the assessee on 18-8-1995. Therefore, the ld. Departmental Representative submitted that ld. Assessing Officer as well as ld. CIT(A) was justified in denying the deduction under section 54F. 7. We have considered the rival submissions and have gone through the orders of authorities below. Undisputed fact as we have stated earlier was that flat was purchased by the assessee on 18-8-1995 for Rs. 9,00,000 and assessee having capital gain in assessment years 1995-96, 1996-97 and 1997-98 have clai....
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....he original asset took place, or which is not utilized by him for the purchase or construction of the new asset before the date of furnishing the return of income under section 139, shall be deposited by him before furnishing such return [such deposit being made in any case not later than the due date applicable in the case of the assessee for furnishing the return of income under sub-section (1) of section 139] in an account in any way such bank or institution as may be specified in, and utilized in accordance with, any scheme which the Central Government may, by notification in the Official Gazette, frame in this behalf and such return shall be accompanied by proof of such deposit; and, for the purposes of sub-section (1), the amount, if ....