TaxTMI 
TaxTMI 
2014 (2) TMI 84
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....e accepted the reasons for reopening and agreed for completion of the assessment before the assessing officer as evidenced from the observations made by the assessing officer at paragraph 5 of his order. Since the assessee agreed before the assessing officer and accepted the reasons for reopening and agreed for completion of the assessment, this Tribunal is of the considered opinion that he cannot re- agitate the matter once again either before the CIT(A) or before the ITAT. Therefore, this Tribunal do not find any reason to interfere with the order of the lower authorities on this issue. The order of CIT(A) on this issue is upheld. 3. The next issue is with regard to claim of exemption u/s 54 of the Act. Shri RV Veeramani, the ld.repres....
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....f the premise. In fact, the assessee was working on the construction of lawn in front of the house. 4. On the contrary, the ld.DR, Smt. S Vijayaprabha submitted that for the purpose of claiming deduction u/s 54 the assessee has to purchase within a period of one year before or two years after the date on which the transfer took place a residential house or within a period of three years after the date of sale construct a residential house. According to the ld.DR, the assessee has to complete the construction for the purpose of claiming exemption u/s 54 of the Act. The Inspector from the office of the assessing officer who visited the premises found that the construction was in progress. Therefore, according to the ld.DR, the CIT(A) has r....
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....isited the Corporation office on 23/12/2010. On enquiry it is revealed that the application for construction of residential house at the above mentioned location was given on 02/06/2009 under one day sanction scheme and the sanction was issued on same day vide E- 9/45841/09. Completion Certificate from the Architect has been obtained on 10/11/2010, which was submitted to the Corporation office. On enquiry it is observed that assessee has requested for permit to water connection, electricity etc. for which no objection certificate from the Regional Town Planner is required, the work relating to NOC from Town Planner is under process." From the above report it appears that work relating to construction of lawn in front of the house was in ....
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....see established that the assessee had invested the entire net consideration within the stipulated period and completed the construction of the house. For the purpose of convenience, we reproduce the observation made by the Madras High Court at pages 288 and 289 of the ITR: "The Tribunal has also taken note of its own earlier order in the case of Mrs.Seetha Subramanian v. Asst.CIT reported in (1996) 59 ITD 94 (Mad), wherein the Tribunal has held that, in order to get the benefit under section 54F, the assessee need not complete the construction of the house and occupy the same. It is enough if the assessee established that the assessee had invested the entire net consideration within the stipulated period. The said view taken consistently....