2014 (5) TMI 264

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....llant : Sri A. V. Raghuram For the Respondent : Smt. Amisha S. Gupt ORDER Per Chandra Poojari, AM: These four appeals by different assessees are directed against different orders of the CIT(A) in respect of the above assessees for assessment year 2008-09. The ground in all these appeals is common in nature and as such these four appeals are clubbed and heard together and are being disp....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....building, the deduction claimed by the assessees u/s. 54F of the Act was denied by the lower authorities. 3. Before us the learned AR submitted that the material available on record suggests the utilisation of consideration received on sale of property invested in construction of the building and requested to give direction to the Assessing Officer to examine the issue afresh. He also filed a c....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....gain will not be charged to the extent of cost of new asset if the entire net consideration is invested or proportionate to the extent of new asset bears to the net consideration if the conditions laid down u/s. 54F are fulfilled the assessee is entitled for deduction u/s. 54F. Accordingly, the onus is on the assessees to prove that the claim made by them u/s. 54F is in accordance with law. In vie....