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2023 (5) TMI 580 - AT - Income TaxDeduction u/s 54F - Denial of deduction as mount of Sale Consideration was not deposited in the Capital Gains Account Scheme and the claim of 54F is not applicable as the construction has not been completed - HELD THAT:- In the instant case, undisputedly, the amounts for purchase of property and the construction thereon, were paid duly within the relevant period, as prescribed under law and that too from the Capital Gains Account. The said fact of the payments being made, has been admitted by the CIT(A), which is evident from the perusal of his order. In such circumstances, the disallowance of the entire exemption only because the construction was not completed is without any basis and/or merit and the said action of the Ld. CIT(A) deserves to be quashed. CIT(A) erred in disallowing the claim by making factually incorrect observations that the assessee had not deposited any amount in the capital gains scheme account whereas the amounts were duly deposited in the capital gains scheme account and duly utilized from the said account only. CIT(A) further erred to even take cognizance of the capital gains account which was placed on record. Owing to availability of sufficient evidences on record, we also hold that the stamp duty registration cost are hereby allowed. Appeal of assessee allowed.
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