TaxTMI 
TaxTMI 
2026 (5) TMI 944
X X X X Extracts X X X X
X X X X Extracts X X X X
....the Ld. CIT(A) are as under: - "4.1 The appellant filed return of income for A.Y. 2023-24 declaring income of Rs. 23,58,990/-. The case of the appellant was selected for complete scrutiny under CASS for the reason "Large deduction claimed u/s. 54F and no deemed capital gain is shown". Subsequently, notice u/s. 143(2) was issued to the appellant on 19.06.2024. In response to the notice issued, the appellant furnished reply. Thereafter, notices u/s. 142(1) was issued by the AO to the appellant. 4.2 During the course of assessment proceedings, it was noticed by AO that the appellant had sold an immovable property for a sale consideration of Rs. 3,88,50,000/-(her 50% share in a property jointly co owned by her with her spouse)....
X X X X Extracts X X X X
X X X X Extracts X X X X
....mmovable properties were sold during the year 2022-23 at sale consideration of Rs. 7,77,00,000/- (jointly) out of which assessee's share was 50%. Thus, the sale consideration of assessee was Rs. 3,88,50,000/- (i.e. 50% of Rs. 7,77,00,000/-). The assessee had stated that the amount received on sale of land was deposited in CGSB account with Canara bank in joint name and had submitted the bank statement of Canara Bank." 4.3 Since, the appellant has failed to substantiate the claims made by her in connection with the deductions claimed against sale of immovable properties during the year under consideration for a total amount of Rs. 3,80,83,940/- (u/s. 48 for Rs. 6,70,946/- as indexed cost of acquisition & 54F for Rs. 3,74,12,994/....
X X X X Extracts X X X X
X X X X Extracts X X X X
....idence in respect of expenditure/investment made for purchase or construction of residential house till date for claiming deduction u/s. 54F of the Act. The appellant submitted only the "Construction Contract Agreement" made on 24.06.2021 between Mr. Rakesh Sharma & Ms. Deepika Sharma (appellant) and Anaiah Constructions Pvt Ltd. It was seen that the said agreement contained clauses/terms like Description of Work, Contract Price & Payments, Certificate of Completion, Material and Labour etc. but the appellant did not submit any supporting evidence regarding completion of construction work, final bill received from the said construction company and receipts for part/final payments made to Anaiah Constructions Pvt Ltd and mode of payments mad....
X X X X Extracts X X X X
X X X X Extracts X X X X
....y condition Appellant is an individual assessee. 2 Transfer of a long-term capital asset other than a residential house Mandatory condition Appellant sold her 50% share in jointly held immovable property during FY 2022-23, giving rise to long-term capital gains. 3. Investment in one residential house in India Substantive condition Appellant jointly purchased a residential plot at Jilling Estate for construction of a residential house. 4. Construction to be within 3 years from date of transfer Substantive condition Construction commenced when permitted; Rs. 76,23,362/- paid to contractor. Completion rendered impossible due to binding court stays. 5. Unutilised capital gains to be deposited before ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....2022-23 and jointly purchased the residential plot at Jilling State for construction of a residential house. Due to certain litigation i.e. Stay Order from Hon'ble High Court and the Hon'ble Supreme Court the construction carried out and the construction was commenced when it was permitted and the Assessee paid an amount of Rs. 76,23,362/- to the contractor. However, the construction could not be completed due to the stay orders on the Courts. The entire capital gain attributable to the Assessee's share were deposited in CGAS Account and earmarked exclusively for construction. There is no finding regarding diversion or misuse of fund allegation made by the A.O. The fund remained intact in the CGAS account and partial utilization of ....