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2022 (6) TMI 68 - ITAT DELHIDeduction u/s 54F - capital gain was not invested in purchase/construction of new residential house within the specified period of three years - assessee failed to justify the fact that the construction of residential property had taken place within the stipulated time period of 3 years from the date of transfer - HELD THAT:- As in the remand report AO after verifying the additional evidences has categorically observed that assessee’s claim of construction of new house property appears to be genuine. The only objection of the Assessing Officer is, since the additional evidences were not produced in course of the assessment proceedings, they should not be accepted. Thus, from the aforesaid fact, emerging on record, it is very much clear that though, at the time of assessment proceedings, Assessing Officer was doubtful regarding assessee’s claim of investment in the construction of a new house property within the stipulated period of three years, however, after examining the additional evidences filed by the assessee, such doubts have been removed and assessee’s claim of construction of new residential house was accepted as genuine - when the Assessing Officer has accepted assessee’s claim of construction of new residential house to be genuine, in such circumstances, deduction claimed under Section 54F of the Act has to be allowed. - Decided in favour of assessee.
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