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2022 (2) TMI 1056 - AT - Income TaxDisallowance u/s 54F - assessee did not purchase or construct any new residential house, but claimed to have acquired residential house by way of a gift deed, that too, 3/4th share of the property owned by the assessee's spouse - As contented assessee had re-invested his capital gain both in residential property by way of obtaining gift from his wife and repairs and maintenance incurred thereupon so as to be eligible for Section 54F deduction - HELD THAT:- We find no merit in the assessee's arguments as it has come on record that the impugned gift had been executed in the year 2012-13 without any actual consideration having re-invested in favour of the spouse concerned. Coupled with this, CIT(A) has made it clear that the assessee had failed to prove repairs and maintenance expenditure alleged to have been paid to his relative contractor Shri Kota Ramakrishna, who could neither prove any repair activity to this effect nor genuineness of the claim as it was found that even this recipient's return had been filed belatedly to cover up the impugned issue. All these clinching findings on facts have gone un-rebutted from the assessee's side. - Decided against assessee.
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