TMI Blog2014 (5) TMI 390X X X X Extracts X X X X X X X X Extracts X X X X ..... et consideration is invested or proportionate to the extent of new asset bears to the net consideration if the conditions laid down u/s. 54F are fulfilled the assessee is entitled for deduction u/s. 54F - the onus is on the assessees to prove that the claim made by them u/s. 54F is in accordance with law - the order of the CIT(A) is set aside and the matter is remitted back to the AO for fresh adjudication – Decided in favour of Assessee. - ITA No. 1264/Hyd/2010, 1265/Hyd/2010, 1266/Hyd/2010, 1267/Hyd/2010 - - - Dated:- 29-4-2014 - Shri Chandra Poojari And Smt. P. Madhavi Devi,JJ. For the Appellants : Shri A. V. Raghuram For the Respondent : Shri B. Yadagiri ORDER Per Smt. P.Madhavi Devi, Judicial Member: These ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... appeal before us. 4. At the time of hearing, the learned counsel for the assessees while reiterating the submissions made before the authorities below, submitted that B Bench of this Tribunal in ITA No.1260/Hyd/2010 to 1263/Hyd/2010 in the group cases of Shri Mohd. Imamuddin, Narsingi Village and Others, for the very same assessment year, viz. 2008-09, remanded the issue back to the file of the Assessing Officer for reconsideration of the issue and giving the assessees an opportunity to produce relevant evidence. A copy of the said order dated 31.8.2012 is filed before us. 5. The learned Departmental Representative however, supported the orders of the authorities below. 6. Having heard both the parties and having considered the m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... scribed in the provisions of section 54F of the Act and the mere withdrawals from Bank account by the assessee itself cannot be considered as it is used for construction. It may be used for any purpose and the assessee is directed to prove the actual transaction during the as period prescribed in section 54F of the IT Act. If the provisions of section 54F are complied with by the assessee, the deduction u/s. 54F is to be granted in accordance with law. It is needless to say that the onus is on the assessees to prove their claims. The Assessing Officer shall afford reasonable opportunity of hearing to the assessees. Since facts and circumstances of the case before us in these appeals are exactly same, as those considered by the Tribunal ..... X X X X Extracts X X X X X X X X Extracts X X X X
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