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2020 (9) TMI 69 - AT - Income TaxDeduction u/s 54F - Capital Gains arose on transfer of assets - Year of assessment - A.Y. 2012-13 or in A.Y. 2013-14 - whether assessee has within a period of one year or after the date on which the transfer took place purchased or within a period of 3 years after the date constructed one residential house? - HELD THAT:- In the present case, admittedly, the assessee neither purchase one residential house within the period of one year before the date of transfer or after two years of date of transfer nor constructed house within a period of three years. The only contention that the assessee was that the assessee made investments under the Capital Gain Scheme almost entire consideration under fixed deposits with the Syndicate Bank. Assessee transferred original asset on 26-08-2011 therefore in our opinion, the Capital Gain has to be assessed in the year under consideration i.e. A.Y. 2012-13. In order to get exemption u/s. 54F of the Act, the assessee must have purchased new asset one year before (26-08-2010) or two years after (26-08-2013) or constructed one residential house within a period of three years (26-08-2014). As rightly pointed by Shri Alok Malviya, ld. DR that the assessee did not utilize the sale consideration for purchase of flat or construction of one residential house. Therefore, the exemption as claimed by the assessee u/s. 54F of the Act is liable to be denied. Thus, in our opinion the order of CIT(A) is justified that the Capital Gains is to be assessed under the year under consideration, consequently, the assessee is not entitled to claim exemption u/s. 54F - Decided against assessee.
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