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2018 (8) TMI 59 - AT - Income TaxAddition on account of long term capital gain - disallowing the claim of the assessee on account of exemption u/s 54F - assessee had neither purchased nor constructed any house and the amount of sale consideration was utilized in purchase of plot which cannot be treated as residential house - Held that:- No doubt the provisions of section 54F should be construed liberally and it is also held in various decisions that where substantial amount of the capital gain has been invested for construction of the house property, exemption u/s 54F may be allowed notwithstanding that the property is not fully complete or that the house is not in habitable condition. However, in the instant case, the assessee could not produce the contractor M/s Manya & Bhuwan Infrastructure (P) Ltd. who had constructed the house and the architect who had issued the certificate certifying the cost of construction of 903 sq.ft. on the said plot of ₹ 8,57,850/- for the examination of the Assessing Officer to find out about the completion of the construction - restore the issue to the file of the Assessing Officer with a direction to give one more opportunity to the assessee to produce the contractor M/s Manya & Bhuwan Infrastructure (P) Ltd. and the architect M/s Khurshid Ahmed & Associates for examination of the Assessing Officer. The Assessing Officer upon satisfaction may allow the deduction u/s 54F of the I.T. Act as per fact and law. Thus hold and direct accordingly. The grounds raised by the assessee are accordingly allowed for statistical purposes. Chargeability of interest u/s 234B - Held that:- CIT(A) has not adjudicated the issue by passing a speaking order on account of chargeability of interest u/s 234B. Since the deduction u/s 54F has been restored to the file of the Assessing Officer, therefore, I deem it proper to restore this issue also to the file of the Assessing Officer with a direction to levy interest u/s 243B as per law
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