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2012 (12) TMI 1054 - ITAT COCHINEntitled to deduction u/s 54F - capital gain earned on sale of a property - Held that:- Time limit for the purpose of making investment in Capital Gains Account scheme may also be taken as the time limit prescribed u/s 139(4) of the Act. The assessment year under consideration, being assessment year 2005-06, the limitation would expire on 31.3.2007. The compliance of the provisions of sec. 54F (4) should be examined accordingly. Both the tax authorities have stated that the “agreement for construction” was signed on 04.07.2007. The assessee has filed a copy of the “Construction agreement” before us and the same is found to have been executed on 22-03-2006. Thus, there is an apparent contradiction between the observations made by the tax authorities and the document produced before us. In clause (1) of the agreement filed before us (page 3), it is stated that the developers agree to deliver the Schedule ‘B’ Apartment (flat bearing no. B-1- 2086) by the end of August 2006 (subject to clause (13)). If this fact is true, it is confusing as to how the tax authorities have mentioned the date of construction agreement as 04.7.2007. Both the parties did not offer any explanation about this contradiction. The assessee did not furnish a copy of conveyance deed dated 04.07.2007 also before us and hence we did not have the benefit of examining the same. This factual aspect requires verification, even though it appears that it may not have any effect on the eligibility of deduction u/s 54F in view of the view expressed by us in the preceding paragraph. However, the Tribunal, being a fact finding authority cannot allow the confusion to continue as it is. The facts prevailing in the instant case require examination at the end of AO. Accordingly, we set aside the order of Ld CIT(A) and restore the matter to the file of the AO with the direction to examine the matter afresh and decide the issue in the light of discussions made supra. The assessee is free to file any other document/explanation in support of its claim u/s 54F of the Act.
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