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2018 (12) TMI 572 - AT - Income TaxEligibility for claim of exemption u/s 54F - assessee has not deposited the net consideration in the capital gains account scheme as stipulated in section 54F and as the construction of the flats have not been commenced, the purchase deed and the work order placed cannot be relied upon - Held that:- The assessee is eligible for claim of exemption u/s.54F on the amount of investments made upto the date of the filing of return of income. In the result, that the assessee is eligible for claim of exemption u/s.54F of the I.T. Act and Assessing Officer is not correct in denying the claim of exemption. Therefore, the Assessing Officer is directed to grant the exemption u/s.54F AO disallowed the claim u/s 54F on three counts, i.e., i) the assessee has not deposited the sale consideration before filing the return of income, ii) Assessee has purchased two residential flats instead of 1 flat and iii) the residential flats were not completed within three years from the date of sale. All these aspects were properly addressed and adjudicated by the ld. CIT(A). Therefore, we do not find any infirmity in the order of the CIT(A) in directing the AO to grant exemption u/s 54F to assessee as his decision is in consonance with the decisions of Hon’ble High Courts and ITAT and accordingly we uphold the order of CIT(A) and dismiss the grounds raised by the revenue. - decided in favour of assessee.
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