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2019 (1) TMI 158 - HC - Income TaxDenial of exemption u/s 54 - construction was not completed within a period of three years - Held that:- In the instant case, the investment is made in a new property. The construction was not completed within a period of three years as narrated in Section 54 of the Act. The delay was not because of the assessee, but beyond his control, since the construction was put up by the builder. He has invested the amount of ₹ 2,26,82,097. Therefore, the Tribunal rightly held that the said investment is made towards construction of the property. Therefore, it requires to be exempted. Under these circumstances, we do not find any error in arriving at such a conclusion. Therefore, we are of the view that the said substantial question of law would not arise for consideration in this appeal. Accumulated balance upto retirement eligible for exemption u/s 10(12) - Held that:- In the instant case, The assessee retired on 1-4-2002. As on that date, the amount accumulated in the Provident Fund was ₹ 37,93,888/-. He did not withdraw the same. He sought to withdraw it on 11-4-2011. The accumulated balance as on that date was ₹ 82,00,783/- which constituted the interest on the amount of ₹ 37,93,588/- as on 1-4-2018 on wards. By relying on the provisions of Section 10(12) the Tribunal held that so far as to the extent of the amount as on the date of retirement is concerned, the assessee is eligible for exemption. Therefore, law has been rightly applied by the Tribunal - we do not find the same constitutes any substantial question of law. What is relied by the Assessing Officer is only the amount as was available on the date of retirement as on 1-4-2002. It is the amount on that date that was held to be eligible for exemption and not the accumulated amount.
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