2015 (10) TMI 1754

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.... 54 of the Income Tax Act, when the assessee failed to construct a habitable house within a period of three years from the date of transfer?" 2. Heard Mr.T.R.Senthilkumar, learned Standing counsel for the Revenue. 3. The assessment for the assessment year 2008-09 in respect of the respondent herein was completed on 29.12.2009 under section 143(3). In the return of income, the assessee claimed a long term capital gain of Rs. 1,58,43,569/- and claimed exemption under section 54 to the extent of Rs. 1,18,94,408/-. He had also claimed a long term capital loss brought forward from the assessment year 2006-07 of Rs. 41,10,207/-. 4. Subsequently, the Commissioner of Income Tax-I, Coimbatore, issued an order dated 30.3.2012 under section 2....

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....y out known as "Midas Park" at Bangalore on 10.3.2008 at a total cost of Rs. 1,18,94,408/-. The assessee paid an advance of Rs. 70,00,000/- on 28.6.2008. This payment was by way of two cheques. The payment was to a Builder by name Concept City Developers. The Builder was supposed to construct a residential house for the assessee. Admittedly, the Builder obtained approval for the building plan for construction of a pucca residential house at Plot Nos.21, 22 and 23 in Survey No.85 at Hegganahalli Village. The construction was claimed to have been completed vide a letter dated 12.11.2010 issued by the Builder. However, it was, later, found that there was no prior approval. The Builder appears to have got it only after a no objection certificat....