2017 (9) TMI 1292

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....puting long term capital gain at Rs. 99,57,265/-. 2. That the Commissioner (Appeals) is wrong in not granting exemption under section 54 and 54F of the Income Tax Act on the amount invested for the purchase of residential plot and deposits made under capital gain in the Bank. 3. That without prejudice to the above ground no. 1 and 2 The Commissioner (Appeals) has erred in not taking into account the provisions of section 54(2) of the Income Tax Act and section 54 F of the Income Tax Act. 4. That without prejudice to the above ground no. 1 and 2 where the amount is unutilized within the period mentioned in section 54 and 54F and the unutilized portion is to be taxed after three years from the date of transfer of the original asset. ....

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....assessee at Rs. 1,06,70,645/-. 3. Assessee carried the matter before Ld. CIT(A) by filing an appeal who has dismissed the same. Being aggrieved assessee has come before Tribunal by way of filing of present appeal. 4. We have heard the Ld. Authorized Representatives of the parties to the appeal, gone through the documents relied upon and orders passed by the revenue authorities below in the light of the facts and circumstances of the case. 5. Undisputedly assessee has received an amount of Rs. 1.62 crores on account of sale of residential property bearing No.1-B, Pusa Road, New Delhi on which capital gain comes to Rs. 99,57,265/-; that the assessee invested Rs. 75,85,818/- u/s 54 of the Act and deposited capital gain of Rs. 25 lac ; that ....

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....pproaching the Hon'ble High Court of Allahabad alongwith 84 other petitioner by filing a writ petition and he has also filed a complaint before the Hon'ble National Consumer Disputes Redressal Commission at New Delhi. This contention of the assessee is proved from the documents available at page 16 to 18 of the paper book. 9. Assessee also brought on record a letter dated 11.1.2011 written by M/s. Unitech Hi-Tech Developers Ltd. offering transfer of the plot on sub lease basis in accordance with sanction and approval accorded by Noida authorities. 10. From the letter dated 25.4.2016 issued by Unitech Golf and Country Club and provisional possession certificate duly signed by project Engineer of the developer at page 20A and 20B of....