2021 (2) TMI 1197

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....ER Chandra Poojari, J. This appeal by the assessee is against the order of the CIT(Appeals), Bengaluru-12, Bangalore dated 28.02.2019 for the assessment year 2012-13. 2. The facts of the case are that the assessee purchased a land in 2005 situated at Shubh Enclave in Varthur Hobli, Bangalore East Taluk. The assessee purchased this property by two separate deeds consisting of 7096 sq.ft. in the ....

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....he order of AO observing that the assessee had not fulfilled the mandatory condition laid down in section 54F of the Act. Against this, the assessee is in appeal before us. 4. We have heard both the parties and perused the material on record. In this case, admittedly, the assessee invested the sale consideration received in construction of a new house and incurred a cost of Rs. 81.49 lakhs. The A....

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....ents cited by the ld. AR. As held in the above judgments, in order to get benefit of deduction u/s. 54F, the assessee need not complete the construction of the house and occupy the same. It is enough if the assessee establishes that he had invested the entire net consideration within the stipulated period in the construction of a new house. The said view was taken by the Hon'ble High Court of Karn....

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....ince there was no confirmation to the above amount, addition was made by the AO. On appeal, the CIT(Appeals) confirmed the same. Against this, the assessee is in appeal before us. 7. We have heard both the parties and perused the material on record. These credits appear in the books of account of assessee and the assessee is liable to produce the proof regarding the identity of parties, genuinene....