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2012 (7) TMI 59 - AT - Income TaxRejection of claim u/s 54F - no possession of the residential premises by the assessee and no sale deed was executed till the due date of filing the return of income - Held that:- No merit in the argument of DR as the assessee has made all efforts to acquire new asset stipulated u/s 54F and made the payments towards purchase of the property by entering into an agreement with the developer - if the AO had any doubt regarding the completion of the construction within the time stipulated, he could have very well inspected the premises and have called for the information like sanction plan of the building, construction details, power connection details, etc. The assessing officers without carrying out all these enquiries, straightaway rejected the claim of the assessee - set aside this issue to the file of AO to verify the completion of the construction - in favour of assessee. Tax on interest received of advances made - the assessee has paid Rs. 2 crores to a party and in return was allotted 52 acres 34 guntas of land at the rate of Rs. 4 lakh per acre - Held that:- Considering a clause in MOU that the seller agreed to buy back the said agricultural land within four months from the date of registration with the further grace period of two months and if there is delay beyond the period of six months in buying back the interest at 2% would be paid - as the party did not exercised their option to purchase the property and in view of this, the assessee is at liberty to sell the property to whomsoever it wants, being so, in the present case, it cannot be said that the income from this transaction has been accrued to the assessee - is no scope for addition on notional basis without really accruing the income to the assessee - in favour of assessee. Sustaining an amount on account of the interest receivable - The assessee had advanced Rs. 3 crores to party at the rate of 2% per month - assessee contented that he has been following cash system of accounting - Held that:- Set aside this issue to the file of AO to see whether the assessee is following cash system of accounting to this head of income and whether this impugned income was offered to tax in the next assessment year.
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