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2020 (2) TMI 151 - AT - Income TaxAddition u/s 2(24)(iv) - assessee had received the benefit from a company in which the assessee was a promoter Director - HELD THAT:- As relying on SRI DANDA BRAHMANANDAM AND SRI BATTINI NAGESWARA RAO [2019 (10) TMI 833 - ITAT VISAKHAPATNAM] there is no case for invoking the provisions of section 2(24)(iv) of the Act and there is no case for taxing the income under the head income from other sources, accordingly, we uphold the order of the Ld.CIT(A) and dismiss the appeal of the revenue on this ground. Deduction u/s 54F - Investment in acquiring the residential house - HELD THAT:- The assessee relied on the CBDT Circular No.667 dated 18.10.1993, wherein, the CBDT clarified that the land is an integral part of the residential house, whether purchased or built. Since the assessee had participated in the VUDA auction for purchase of plot, the intention behind participating in auction is to procure the land and to construct the house. The VUDA neither returned money nor allotted the vacant site, hence, the assessee looked for alternate investment and acquired the new residential house by 31.03.017 for a sum of ₹ 5.79 crores within the permissible period of three years from the end of the relevant assessment year and the balance amount was admitted for tax in the A.Y.2017-18. Since the investment was made for acquiring the plots and construction of house, we hold that the assessee is entitled for deduction u/s 54F. Further, in the instant case, the amount paid to VUDA for acquiring the plots was not returned to the assessee till such time of acquiring the new house. The said amount was remained with the VUDA. The Department also did not place any evidence to show that the assessee had received the money back from the VUDA and utilized for personal purpose. Therefore, we do not see any reason to interfere with the order of the Ld.CIT(A) and the same is upheld. - Decided against revenue
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