2025 (10) TMI 1292

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....Act"), dated 29.03.2016 for AY 2013-14. 2. Grounds taken by the assessee are reproduced as under: "(i) The CIT(A) of National Faceless Appeal Centre (NFAC) has erred in confirming the order of Assessing Officer. (ii) The CIT(A) National Faceless Appeal Centre (NFAC) has erred in upholding the decision of the Assessing Officer, thereby confirming the denial of the benefit under Section 54F. (iii) The CIT(A) has erred in confirming the addition of Rs. 64,36,629/- made by the Assessing Officer. (iv) The CIT(A) has erred in creating demand of Rs. 18,04,130/- (v) The Appellant craves leave to add, alter, amend, and modify aforesaid ground/s of Appeal at or any time before the hearing as they may be....

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.... hence made the addition by disallowing the same. In first appeal, ld. CIT(A) confirmed the said disallowance. Aggrieved, assessee is in appeal before the Tribunal. 4. Before us, ld. Counsel for the assessee placed a paper book containing the 23 pages to substantiate the claim of deduction. He referred to the allotment letter dated 11.06.2012 issued by the builder M/s. G.K. Relators whereby the aforesaid flat was allotted to the assessee for the value of Rs. 76,65,000/- and the said allotment letter mentions that agreement of sale and other formalities will be taken up in due course. For the purpose of obtaining this allotment letter, assessee had made a part payment of Rs. 15 lacs by cheque no. 000014 on 05.06.2012 against which the bui....

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....red in the name of the assessee. It is sufficient, if the amount has been invested by the assessee in a house property against the booking of a flat in a housing project which is proposed for construction. 5.1. It is contented that section 54F is a beneficial provision for promoting construction of residential house and hence is to be construed liberally to achieve the object of the said section. The said section does not prescribe the completion of construction or purchase of residential house, but the thrust is on making of investment of the net consideration received on sale of original asset in the construction/purchase of the new residential house. What is important is that assessee has parted with the sale consideration of original....

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....1). Allotment letter is issued by the builder year earmarking Flat No. 2102 on 21st floor of the proposed building for which eventually a registered agreement was executed and the possession was handed over to the assessee after obtaining occupancy certificate. Thus assessee had in fact acquired a house property which is not in dispute. Ld. AO has based his decision to disallow on the registered agreement which falls beyond the period of 2 years for making an investment. Assessee claims that she has made the required investment of the sale consideration received by her in a residential house for which allotment letter issued by the builder earmarking the flat, is on record. 7.1. On this factual matrix, what we have to see is whether the ....