TaxTMI 
TaxTMI 
2021 (10) TMI 860
X X X X Extracts X X X X
X X X X Extracts X X X X
....following grounds of appeal: "1. Ld. CIT (A) erred in law and on facts in confirming disallowance made by AO of Rs. 56, 00, 000/- by denying exemption claimed u/s 54F of the Act. Ld. CIT (A) ought to have allowed exemption rightfully claimed by the appellant of amount invested in purchase of new residential premises. 2. Ld. CIT (A) erred in law and on facts in concurring with AO that in absence of registered purchase deed exemption u/s 54F cannot be allowed. 3. Ld. CIT (A) ought to have held that investing in new residential premises within stipulated time entitles the appellant to claim exemption u/s 54F. 4. Both the lower authorities erred in law and on facts in not appreciating the provisions of the se....
X X X X Extracts X X X X
X X X X Extracts X X X X
....lat and claimed deduction of Rs. 56 lakhs. The AO was of the view that deduction under section 54 of the Act is allowable when the residential house was purchased within one year from the transfer of residential property. The AO further recorded that the assessee has not furnished the purchase deed of new residential property for seeking deduction under section 54 of the Act. The AO issued show cause notice to the assessee to substantiate the claim of deduction under section 54. The assessee filed its reply dated 08.01.2016. In the reply, the assessee stated that she has invested his fund in property for purchase of new residential house at Vesu, which was about to commence, however due to dispute of title the project could not be commenced....
X X X X Extracts X X X X
X X X X Extracts X X X X
....r. 4. On appeal before the ld.CIT(A), the assessee filed detailed written submissions. In the submission, the assessee stated that out of total consideration of Rs. 62,50,000/- [one half of assessee's share]. The assessee invested Rs. 56 lakhs for purchase of residential house in new project to be carried out by M/s. Elembee Associates, wherein the assessee is one of the partners. Out of her contribution, the assessee paid Rs. 1.12 crore on purchase of flat and balance as a capital contribution. During the assessment, she produced all documentary evidences about the transfer of flat [old asset] and new investment in residential property, confirmation of builder/ allotment letter. The AO required the registered sale deed of new property a....
X X X X Extracts X X X X
X X X X Extracts X X X X
....f from the case and informed the Bench that the assessee intends to engaged other counsel. However, none appeared on behalf of the assessee. This appeal is pending since 2016 and is in the category of more than five years old cases. In these circumstances, we have no option left except to decide the appeal after hearing the submission of ld.Sr.DR for the Revenue and the material available on record. 6. The ld.Sr.DR for the Revenue submits that assessee has not furnished any documentary evidence to substantiate the claim that any amount was invested for purchase of new residential property. The assessee has neither filed any booking receipt, allotment letter or any agreement with the builder to substantiate the claim that she invested the....