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2017 (2) TMI 1180 - AT - Income TaxRevision u/s 263 - capital gain account shown by the assessee is actually saving bank account and the assessee could not have deposited the amount in a savings bank account - Held that:- This proposition of the ld. Principal CIT is incorrect as per the Capitals Gains Accounts Scheme 1988 vide Notification No. G.S.R. 724 (E), dated 22nd June, 1988. Thus it is clear that the deposit shall be in the form of savings deposit, therefore, the proposition of the ld. Principal CIT do not test the CBDT notification. No proof of payment made for acquiring land is on records - Held that:- Though the expenses relate to the construction of a house property. In our considered opinion to claim the exemption u/s.54 of the Act, the assessee has to construct a house property within the stipulated period of time. Obviously, the purchase of land will be either antecedent to the construction or simultaneous to the construction. In any case, the purchases of land do not entitle the assessee for the exemption u/s. 54 of the Act. Therefore, we fail to understand when the land was purchased earlier to the start of construction how this can trigger the provisions of Section 263 of the Act. No merit in the order of the ld. Principal CIT made u/s. 263 - Decided in favour of assessee
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