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2021 (9) TMI 348 - AT - Income TaxDeduction u/s 54F - claim denied as date of completion of new house not give by assessee - it is not clear whether the house property was constructed within 3 years from the date on which transfer of original asset - HELD THAT:- The assessee has reinvested entire sale consideration of ₹ 19,20,000/- for purchase of land and constructed residential house property. It is also not in dispute that the assessee has completed construction of house property within 3 years from the date of sale of old asset. In fact, the AO in his assessment order had admitted that the assessee has completed construction of new house within 3 years. Thus once the assessee has reinvested its entire sale consideration for purchase / construction of another new asset within extended due date of filing return of income u/s.139(4) & 139(5) of the Act, and also filed necessary evidences to prove that construction of house property was completed within 3 years from the date of sale of original asset, then there is no reason for the ld.CIT(A) to direct the AO to once again verify whether house property was constructed within 3 years from the date of transfer of original asset. Hence, we set aside the direction given by the CIT(A) and direct the AO to allow deduction claimed u/s.54F of the Act - Decided in favour of assessee.
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