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2020 (5) TMI 191 - HC - Income TaxIncome from other sources - addition as ‘interest’ - enhanced sale consideration received by the assessee due to delay in the completion of the sale transaction on account of the default of the buyer of the property - HELD THAT:- The finding of the Tribunal that the amount received by the assessee from his purchaser cannot be termed as ‘interest’ because there is no finding of the Commissioner of Income Tax as to the rate of interest, is a finding of fact. Also the value of the said item is far less than the value for which the appeals can be filed before this Court by the Department. Deduction u/s 54F - delay in delivery of possession of the property, which the assessee intends to purchase, beyond the time line fixed under the provisions of the Act - HELD THAT:- We agree with the view of the Tribunal that the Assessing Officer rightly granted deduction to the assessee taking into account the settled legal position that investment of the entire capital gains for construction of a residential house within the stipulated period alone is relevant, and delivery of possession by the builder/promoter of the assessee of the said residential house cannot be a ground to deny the assessee deduction under Section 54F of the Act, for the reason that the assessee has no control over the actions of the builder/promoter and he cannot be punished for the delay on the part of the builder/promoter in delivering possession.
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