2023 (3) TMI 152

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....s For the Revenue : Shri AR.V Sreenivasan (Addl.CIT) - Ld. Sr. DR ORDER MANOJ KUMAR AGGARWAL (ACCOUNTANT MEMBER) 1. Aforesaid appeal by Revenue for Assessment Year (AY) 2005-06 arises out of the order of learned Commissioner of Income Tax (Appeals)-1, Trichy [CIT(A)] dated 01-01-2019 in the matter of an assessment framed by Ld. Assessing Officer [AO] u/s.143(3) r.w.s 263 of the Act on ....

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....thi Julius, wife of assessee which is beyond Asst. Year 2005-06 i.e., in Asst. Year 2006-07. 4. Whether, in the facts and circumstances of the case, the CIT[A) is right in allowing deduction U/s. 54 of the Act when the assessee got permission from his office being a central govt. employee by order dated 19/10/2006 and completed in 2007 March. Whereas the property is claimed to be construc....

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....ed-off as under. 4. The assessee received 1/3rd share of sale proceeds of a family property and earned Long Term Capital Gains (LTCG). The proceeds were invested by the assessee in construction of anther house property and the assessee claimed deduction u/s 54 which was allowed by Ld. AO in an assessment framed u/s 143(3) r.w.s. 147 on 28.12.2012. However, this order was subjected to revision u....

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.... 6. Before Ld. CIT(A), the assessee submitted that it would be incorrect to assume that the construction was started after obtaining the approval. Further, the assessee paid amount of Rs.7 Lacs towards construction and other related activities during the year which was supported by the fact that the electricity connection was obtained during February, 2006 and payment was also made which would s....