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2014 (5) TMI 516 - AT - Income TaxDenial of claim of deduction u/s 54F of the Act – Construction completed prior to sale of original asset - Held that:- It is obvious from the orders of the revenue authorities that they have come to their respective conclusions mainly relying upon BPS application made by the assessee before the Municipal Authorities - the original asset was sold on 15-9-2008, the departmental authorities have concluded that the construction of new house was completed prior to the sale of original asset, On a perusal of the bank account copy, it is noticed that the amount was credited to the accounts of the assessee on 16-9-2008 - the assessee has also enclosed the electricity bill copy and municipal assessment to prove the fact that the construction of the first and second floors has started after sale of original asset. The documents were furnished before the AO as well as the CIT (A) but on perusal of the assessment order and order of the first appellate authority, there was no mention of the facts - revenue without considering the facts and materials placed before them were not justified in coming to the conclusion that the assessee has completed construction of the first and second floors prior to the sale of original asset solely relying upon the application made before the municipal authorities under BPS scheme - the CIT (A) has not given any specific finding – thus, the matter is required to be remitted back to the CIT(A) for fresh adjudication – Decided in favour of Assessee.
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