2023 (3) TMI 1157

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....appeal, for which, the assessee has filed a petition for condonation of the delay in the form of an affidavit, to which; the ld. DR has not raised any serious objection. Consequently, since the assessee was prevented by sufficient cause, the delay of 91 days in filing of the appeal stands condoned and the appeal is admitted for adjudication. 3. Brief facts of the case are that the assessee filed his return of income on 20.06.2016 for the assessment year 2016-17 declaring an income of Rs..9,88,060/-. The return filed by the assessee was processed under section 143(1) of the Income Tax Act, 1961 ["Act" in short]. Thereafter, the case was selected for scrutiny under CASS and notice under section 143(2) of the Act was issued on 04.08.2017 and ....

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.... case of CIT v. Mt. Umayal Annamalai [2020] 118 taxmann.com 80 (Madras), the ld. Counsel for the assessee has submitted that the issue involved in this appeal is squarely covered in favour of the assessee and prayed for the same. 5. On the other hand, the ld. DR supported the orders of authorities below. 6. We have heard both the sides, perused the materials available on record and gone through the orders of authorities below. The assessee has claimed deduction under section 54F of the Act in respect of property purchased for a consideration of Rs..2,00,00,000/-. However, the Assessing Officer denied the claim of deduction under section 54F of the Act on the ground that the assessee has not fulfilled the procedural requirement laid down b....

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....u/s.54F(1) of the Act by purchasing and construction of residential property within three years from the date of transfer of original asset which is not disputed in the assessment proceedings or in appellate proceedings. The provisions of Sec. 54F are beneficial provisions and are to be considered liberally in the aspect of limitation period. But the investment in residential property is must which the assessee has proved with evidence and complied before the lower authorities. The learned Commissioner of Income tax (Appeals) relied on the legal provision and submissions of the assessee exhaustively with judicial decisions. Considering the factual aspects, genuineness of the transactions and beneficial aspects of the provisions, we are of t....

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....ent case also, the assessee has complied with the provisions considering the dates as under: (i) Date of transfer of original asset : 13.04.2015 (ii) The date of filing of return  : 20.06.2016 (iii) Due date of return for the Assessment year 2016-17 : 31.07.2016 (iv) Date of sale agreement for purchase of residential property : 09.01.2016 (iv) Possession of the property : 04.10.2017 Even though the assessee has not invested the sale proceeds in Capital Gain Account Scheme, but complied with the conditions under section 54F(1) of the Act by purchasing an independent house for a consideration of Rs..2 crores by executing sale agreement on 09.01.2016 by paying advance of Rs..50 lakhs and the remaining amount of Rs....