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2021 (3) TMI 412 - AT - Income TaxDisallowing Section 54F claim in respect of alleged investment in residential house/property - both the lower authorities held the assessee as not entitled for the impugned deduction since neither any capital gains had arisen from transfer of her capital asset nor had she reinvested the same in a residential house so as to be eligible u/s.54F - CIT(A) made detailed discussion that the assessee had also failed to prove such a re-investment in a new residential property by filing cogent detailed evidence - HELD THAT:- We find no merit in Revenue’s stand in principle. This is for the reason that it has adopted self-contradictory stand. Meaning thereby that on the one hand it has alleged that since the assessee had received developed commercial area from the developer in lieu of the capital asset handed over to the latter thereby not resulting in any capital gains or consideration money, it has, however, treated an equal sum as assessable under the head ‘long term capital gain’. We thus see no reason to accept the Revenue’s stand on these mutually contradictory lines. Reinvestment of assessee’s capital gains by utilising her joint family’s funds - Assessee’s detailed paper book filed on 09-02- 2021 placing on record all the relevant details of her house constructed in plot Nos.30 and 31, Magadha Village, Kokapet, Rajendra Nagar Mandal, R.R.District purchased on 21-09- 2005 followed by sanction of construction dt.16-06-2007 and completed on 18-05-2012. We hold in this factual backdrop that larger interest of justice would be met in case the Assessing Officer examines the entire issue of re-investment of assessee’s capital gains in the above stated property afresh. Assessee’s appeal is treated as allowed for statistical purposes.
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