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2021 (7) TMI 76 - ITAT HYDERABADLTCG - Estimation of cost of construction - assessee had disputed with the Ld. AO towards adopting the cost of the land sold as on 1/4/1981 and cost of construction for the purpose of computing his Long Term Capital Gain - HELD THAT:- Since the assessee is unable to produce any evidence with respect to his cost of land as on 1/4/1981 and cost of construction, we do not have any other option but to confirm the order of the Ld. Revenue Authorities who had relied on the SRO valuation and fairly estimated the cost of construction. Therefore, the grounds raised by the assessee on these regards are devoid of merit. Deduction u/s. 54F - assessee has utilised only ₹ 10 lakhs for the construction of his new residential house within the due date of filing of the return of income i.e. on 31/7/2009 and had failed to remit the balance amount in the capital gain account scheme in a National Bank as provided under the Act - HELD THAT:- As decided in JUSTICE T.S. ARUNACHALAM [2018 (1) TMI 1572 - ITAT CHENNAI] that if the sale proceeds are deposited in Nationalised Bank it would suffice to claim the benefit of deduction U/s. 54F of the Act. Now, Since the assessee has claimed before me that the entire amount was deposited in Nationalised Bank and thereafter fully utilised the same for the purpose of acquiring the New asset within the period specified under the Act, in the interest of justice, I hereby remit back the matter to the file of the ld. AO in order to verify the claim of the assessee and decide the matter in accordance with law and merit and in the light of the Tribunal decision cited herein above. Appeal of the assessee is partly allowed for statistical purposes.
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