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2010 (9) TMI 656 - AT - Income TaxCapital gain - Valuation report - The Assessing Officer has assigned several reasons for rejecting the report of the Government valuer which have not been rebutted by the assessee through any material on record - It is also admitted fact that no expenses were incurred for development of the agricultural land. The approved valuer has not given any reason why comparable cases should not be accepted - Decided against the assessee Regarding exemption u/s 54F - the assessee after selling the plot of land had deposited the sale proceeds in normal saving bank account instead of depositing the same in the notified SBI account for construction of house and, therefore, the assessee complied with the provisions of law substantially - The well-known principle of harmonious construction is that effect shall be given to all the provisions and for that any provision of the statute should be construed with reference to the other provisions so as to make it workable - the assessee has violated the provisions of section 54F(4) of the Income-tax Act by not opening a designated account and depositing the proceeds in that account - the assessee has not utilized the amount in question for construction of house before the due date of filing of the return of income i.e., 31-8-1996 as per notified scheme - Decided against the assessee
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