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2022 (12) TMI 105 - AT - Income TaxDeduction u/s. 54F - assessee required to construct a building as per the date of sale of asset i.e. within three years - HELD THAT:- In the present case, admittedly, the assessee purchased a residential property on 23-12-2010 and the assessee sold immovable properties located at Mouje Korche by various sale deeds i.e. 22-02-2011, 17-03-2011 etc. as shown in para 8 of the assessment order. In pursuance of the decision of Hon’ble High Court of Allahabad [2009 (7) TMI 118 - ALLAHABAD HIGH COURT] the assessee required to construct a building as per the date of sale of asset i.e. 17-03-2011 within three years. Admittedly, the AO deployed Inspector to verify whether there is any construction/residential house constructed by the assessee. The Inspector submitted report on 19-12-2016 stating that no construction or residential house is existing at House No. 4, Ward No. 12, Ichalkaranji which clearly establishes the assessee could not construct a house within three years from the date of sale of its assets on 17-03-2011 till 19-12-2016. Therefore, the assessee made construction within three years and in my opinion, the AO rightly denied deduction u/s. 54F - Appeal of assessee is dismissed.
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