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2021 (7) TMI 900 - AT - Income TaxDeduction u/s 54F denied - assessee owning 5 residential houses on the date of transfer of villa Nos.24 and 25 - contention of the assessee is that at the time of sale of the property, assessee was not in possession of more than one residential house as the villas handed over to assessee by Ambience Properties Limited are not in habitable condition and that they are semi-finished villas - HELD THAT:-Settlement has been done for extra works to be carried out by the developer. Earlier, as per the Joint Development Agreement-cum-General Power of Attorney, the assessee was supposed to receive 5 Villas, which must have been complete villas, which had been allotted and ; the settlement agreement is only for extra works to be carried out by the developer. It is also not clear that what extra works to be done. It is also not clear from the submissions of the assessee that what was incomplete in the building and what works have to be carried out in the same to be fully habitable. As per the JDA, it must have been allotted complete villas. In view of the above observations, we observe that the arguments advanced by the ld. AR are wrong and not proper that on the date of allotment the villas allotted were inhabitable conditions. The case laws relied on by the ld. AR are not applicable to the case of the assessee. Also, even before us, the assessee failed to substantiate its claim that the developer has handed over semi-finished villas with documentary evidence & in this connection, we are of the view that merely writing/ mentioning that the developer has allotted semi-finished villas is not sufficient to claim as the assessee has to substantiate the same by way of documentary evidence that upto what extent the works were completed in the villas and what works are pending to get fully furnished villas - Decided against assessee.
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