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2016 (7) TMI 1084 - AT - Income TaxDeduction u/s 54EC denied - Held that:- It is noted that there is a confusion with regard to the dates, which have neither been properly explained by the assessee before lower authorities nor it has been addressed properly by the lower authorities. Even before us, Ld. Counsel was not able to explain as to how there could be two agreements. How could there be ‘one’ agreement of two dates. There should be only ‘one’ agreement. Even if separate agreement is made for the buyers, the date is supposed to be same. We find that none of the authorities have looked into the aspect of dates properly. As per AO, the date of six months should be reckoned from 06.10.2009 and therefore date of investment being 08.04.2010 shall fall beyond the period of six months, whereas the assessee says that the six months period should be reckoned from the date 10.10.2009 which is actual date of transfer of original asset and if it is so done then the investment made on 08.04.2010 shall fall within the stipulated period of six months. In view of all these facts, ascertaining correct date of transfer becomes crucial. In view of these circumstances, we send this issue back to the file of the AO who shall give adequate opportunity of hearing to the assessee to submit requisite details and documents as may be considered appropriate by the assessee which shall be objectively taken into account by the AO to decide this issue afresh. Further whether the assessee can be allowed the investment in respect of 50 lakhs in one financial year and the second investment in next financial year but within the stipulated period of six months as decided is in favour of the assessee in view of various judgments of the Tribunal. See Shri Aspi Ginwala v. ACIT (2012 (4) TMI 195 - ITAT AHMEDABAD ) and Mrs. Lilavati M. Sayani v. ITO (2015 (10) TMI 1068 - ITAT MUMBAI) - Decided in favour of assessee as directed. Benefit of deduction u/s 54F denied - Flat was under construction and was not acquired within prescribed period of two years - Held that:- Assessee had duly made investment in the Flat which was under construction. The facts in this regard are not under dispute. The completion of construction was not in control of the assessee. Since the construction of flat could not be completed, therefore, corresponding income as stipulated in section 54F was offered in the return for A.Y. 2013-14. Our attention was drawn in this regard and copy of computation sheet filed along with return for A.Y. 2013-14 showing that a sum of ₹ 86 lakhs was shown as long term capital gain on which the tax at the rate of 20% has been paid by the assessee. We find that entire exercise has been done in the bonafide manner and there was no deliberate attempt of any tax evasion. The assessee has filed its return for the impugned year as well as for A.Y. 2013-14, in accordance with law. The lower authorities were not able to controvert or contradict the factum of making investment in the Flat at the time of filing of return for the impugned year in which deduction u/s 54F was claimed in accordance with law. Thus addition has been wrongly made by the lower authorities - Decided in favour of assessee
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