2013 (7) TMI 970

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....not amount to either 'purchase' or 'construction' and hence is ineligible for exemption u/s. 54 of the Act. 2)The Ld. Commissioner of Income Tax (Appeals) failed to note that acquisition of a new flat from a developer, under a scheme of redevelopment, amounts to 'construction' of residential house through a developer and hence the Appellant/Assessee is entitled for exemption u/s. 54 of the Act. 3)The Ld. Commissioner of Income Tax (Appeals) was not justified in holding that the new residential flat acquired from a developer is consideration towards transfer of old flat and hence cannot be treated as 'purchase' or construction'. 4)The Ld. Commissioner of Income Tax (Appeals) erred in upholding the addition. of bank deposits of Rs. 1....

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....ffidavit of the assessee order of the FAA dated 30th July 2010 dated 30th July 2010,was received by him on or around 15th August 2010,that he is a senior citizen and had limited excess to legal advice,that he did not get correct advice and was under a bonafide belief that his case had not merits,that on dismissal of his appeal by the FAA he did not pursue the matter in further appeal, that after he got the penalty order dated 2nd April 2010 he was advised that his case his case was highly meritorious as far as the issue of exemption u/s 54 of the Act was concerned,that after receiving said advice he decided to file belated appeal. 2.2.Before us,Authorised Representative(AR) submitted that the assessee was prevented by a reasonable cause ....

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....ssion 'sufficient cause' is not defined in the Act,but it means a cause which is beyond the control of an assessee.For invoking the aid of the section any cause which prevents a person approaching the Tribunal within time is considered sufficient cause.In doing so,it is the test of reasonable man in normal circumstances which has to be applied.The test whether or not a cause is sufficient is to see whether it could have been avoided by the party by the exercise of due care and attention. In other words, whether it is bona fide cause,inasmuch as nothing shall be deemed to be done bona fide or in good faith which is not done with due care and attention. What may be sufficient cause in one case may be otherwise in another. What is of e....