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2017 (3) TMI 329 - AT - Income TaxReopening of assessment - exemption claimed u/s.54F - income of the HUF was included in the individual hand and the claim of deduction was not taken on the net consideration - Held that:- As relying on the CBDT Circular No.667 dated 18-10-1993 has held that when the property already stands in the name of the HUF and there is no evidence on record to show that the assessee received the land by way of release from the co-owners and the assessee has not paid any price to the coowners, there is no justification on the part of the assessee to claim deduction u/s.54F on the value of 614 square meters of land. Uphold the order of the CIT(A) in rejecting the claim of the assessee that the release of land by the members of the HUF in favour of HUF for utilization in construction of residential property be included in the exemption claimed u/s.54F of the Act. - Decided against assessee Investment towards construction of residential property - Held that:- CIT(A) after elaborately discussing the issue has given clear cut finding that the assessee did not furnish any details towards the construction expenditure of ₹ 3 lakhs such as the nature of construction, permission from the competent authority for construction, date of utilization of funds for construction, bills and vouchers for various items of expenses for construction and above all whether the new building was completed within the specified period of 3 years from the date of transfer, completion certificate from competent authority and the nexus between the consideration received and the investment in the construction of house property. The Ld. Counsel for the assessee could not adduce any evidence before us to counter the above factual findings given by the Ld.CIT(A). Since the assessee failed to substantiate with evidence regarding the investment of ₹ 3 lakhs in construction of the house property, therefore, we find no infirmity in the order of the CIT(A) rejecting the claim of the assessee that an amount of ₹ 3 lakhs was utilized towards construction of the house property. - Decided against assessee Estimating the cost of acquisition @ ₹ 100/- per sq.mtr as on 01-04-1981 for the purpose of indexation - Held that:- Since the order of the CIT(A) is based on the report of assessee’s own valuer who has determined the value at ₹ 100/- per sq.mtr as on 01-04-1981, therefore, in view of the reasoned order given by the CIT(A) on this issue we find no infirmity in the same. - Decided against assessee
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