TaxTMI 
TaxTMI 
2022 (6) TMI 68
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....tified in accepting the claim made by Assessee towards deduction u/s 54F when the assessee failed to justify the fact that the construction of residential property had taken place within the stipulated time period of 3 years from the date of transfer. II, On the facts and circumstances of the case, whether the Ld. CIT(A) was justified in accepting the additional evidences when there was no sufficient cause available with the assessee which prevented him from making the same available before the AO during assessment proceedings. III. On the facts and circumstances of the case, whether the Ld. CIT(A) was justified in relying upon the Remand Report of the AO (which had failed to properly examine the additional evidences submi....
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....e Revenue is against allowance of assessee's claim of deduction under Section 54F of the Income-Tax Act, 1961. 4. Briefly, the facts are, assessee is a resident individual. During the year under consideration, assessee had derived long term capital gain of Rs.4,35,99,347 from sale of shares. As against the capital gain so derived, assessee claimed deduction of Rs.4,28,01,110 under Section 54F of the Act towards investment made in a new residential house. In course of assessment proceedings, Assessing Officer called upon the assessee to furnish details of investments made in the residential house and justify its claim of deduction. Upon examining the details furnished by assessee, Assessing Officer noticed that assessee had purchased an a....
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....in in construction of a new house within a period of three years from the date of sale of the property, he cannot claim the deduction. Accordingly, he disallowed assessee's claim of deduction under Section 54F of the Act. 6. Contesting the aforesaid disallowance made by the Assessing Officer, assessee preferred an appeal before learned Commissioner (Appeals). In course of proceedings before the first appellate authority, assessee furnished additional evidences to justify its claim of deduction under Section 54F of the Act. The additional evidences furnished by the assessee were forwarded to the Assessing Officer for verification and submitting a remand report. After considering the remand report of the Assessing Officer and facts and mat....
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....ellate order, reads as under: "3.2.3. During the appellate proceedings, the assessee submitted that the construction of new residential house has been made well within the stipulated time in support of his claim the assessee produced the photographs of the property before your goodself as additional evidence and in the office of the undersigned as well. Further the assessee produced the revenue records of Mehrauli Tehsil wherein it has been mentioned that during the period 2016-17 the construction/building was in existence in the form of house (Revenue Records i.e. Patwari Report). Though the claim of the assessee appears to be genuine but the additional evidence furnished during the appellate proceedings is not acceptable. ....