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2020 (10) TMI 1047 - AT - Income TaxExemption u/s 54F - No deposit was made by the assessee in the specified bank account as required by the provisions of subsection (4) of section 54F - whether investment as specified was made by the assessee in the construction of house within a period of 3 years from the date of sale of the immovable property - HELD THAT:- The Hon’ble Karnataka High Court in the case of CIT vs. K. Ramachandra Rao [2015 (4) TMI 620 - KARNATAKA HIGH COURT] thus clearly held that if the investment in construction of new house was made by the assessee within the stipulated period of 3 years, then section 54F(4) was not at all attracted and the assessee could not be denied the benefit of exemption u/s 54F merely because he had not deposited the amount in specified bank account as stipulated. At the time of hearing before us, even the ld. DR has not been able to raise any material contention to doubt or dispute this legal position clearly propounded. As contended that the claim of the assessee of having invested the amount of net consideration in the construction of the new house within the stipulated period of 3 years from the date of the transfer of the original assets has not been verified either by the AO or by the ld. CIT(A).- We find merit in this contention raised by the ld. DR and since ld. Counsel for the assessee has also not raised objection for sending the matter back to the Assessing Officer for the limited purpose of such verification - Decided in favour of assessee for statistical purposes.
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