Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2023 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2023 (2) TMI 154 - AT - Income TaxExemption u/s 54 - Proportionate deduction towards amount invested for purchase of new house property u/s. 54 - HELD THAT:- In this case, facts with regard to non-compliance of provisions of Sec. 54(2) of the Act, are not in dispute. Assessee neither utilized full amount of capital gains for purchase or construction of house property before filing return of income u/s. 139(1) nor deposited unutilized amount in 'Capital Gain Account Scheme'. Therefore, we are of the considered view that the AO has rightly allowed proportionate deduction towards amount invested for purchase of new house property u/s. 54 of the Act. In this case, the assessee could not furnish any evidences with regard to completion of construction of house within three years from the date of sale of original asset and also any other evidences to prove that amount has been spent for construction of house property, except filing a statement referring certain payments to M/s. Keshthana Infrastructure Pvt. Ltd., and claimed that said payments are for construction of house property. Therefore, we are of the considered view that the assessee has failed to satisfy conditions prescribed u/s. 54 of the Act, for claiming benefit of exemption u/s. 54 for remaining amount and thus, we are of the considered view that there is no error in the reasons given by the AO and the CIT(A) to reject the benefit of exemption for balance amount and thus, we are inclined to uphold the findings of the CIT(A) and dismiss the appeal filed by the assessee.
|