TaxTMI 
TaxTMI 
2024 (3) TMI 660
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....s. 143(3) r.w.s 147 of the Act on 08-12-2019. The grounds taken by the assessee are as under: - 1. The impugned order passed by the Commissioner of Income Tax (appeals), National Faceless Appeal Centre (NFAC), [herein after referred to as CIT(A)] is erroneous in law, contrary to the facts of the case and liable to be set aside. 2. The CIT(A) is wrong in confirming the disallowance of exemption claimed u/s. 54F of the Act on the ground that the amount deposited in capital gain deposit scheme was not invested in purchase or construction of any property within the stipulated time period as per sub-section (1) of Sec.54F of the Act. 3. The CIT(A) failed to understand that Sec.54F does not mandate that the very sum deposited in capital gai....
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....xemption u/s. 54F of the Act. As is evident, the sole issue that fall for our consideration is assessee's claim of deduction u/s 54F. 2. The Ld. AR advanced arguments supporting the case of the assessee and also relied on various judicial decisions supporting the case of the assessee. The Ld. Sr. DR submitted that the stipulations of Sec.54F were not fulfilled by the assessee. Having heard rival submissions, the appeal is disposed-off as under. 3. From the case records, it emerges that the assessee sold certain plot during February, 2012 and the sale proceeds thereof were invested in capital gain scheme. It also transpired that the assessee purchased another plot at VGP Selvanagar, Velachery Village on 27-02-2014. As per requirements of ....
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....ruction agreement was made on 19-01-2011 which was beyond one year prior to date of sale of original asset. The assessee did not purchase new asset within a period of one year prior nor constructed new asset within a period of three years as stipulated. Therefore, the capital gains of Rs. 56.36 Lacs was brought to tax and an assessment was framed against the assessee. 5. During appellate proceedings, the assessee submitted that clause nos. 3 & 4 of construction agreement stipulated period of 18 month for completion of construction from the date on which the builders get approval. Further, the payment for construction for Rs. 81.84 Lacs was made between 01-06-2011 to 14-06-2013 which was evident from the receipts issued by the builder. The ....