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2018 (12) TMI 567 - AT - Income TaxCapital gain computation - Disallowing the claim of indexed cost of construction/improvement - non furnish of documentary evidence to prove the quantum of expenditure on improvement - Held that:- Assessee did not file any documentary evidence and consequently the addition made by the AO was upheld by the ld. CIT (A). Even before us, the assessee has neither produced any supporting evidence nor claimed that the assessee is having any supporting evidence. Accordingly when the assessee has not produced any documentary evidence in support of the claim, we do not find any error or illegality in the orders of the authorities below, qua this issue.- Decided against assessee. Disallowance of deduction u/s 54 - mandation of deposit of the amount in the Capital Gain Account Scheme - Held that:- Once the assessee satisfies the condition of depositing the amount in the Capital Gain Account Scheme, only then the proviso to section 54(2) can be pressed into service. In case the assessee has not deposited the amount in the Capital Gain Account Scheme, then the investment is required to be made prior to the due date of filing of return u/s 139. Hence when the new residential house was neither acquired or constructed within the time period prescribed under section 54(1) of the Act, then the assessee is not eligible for deduction under section 54 and shifting of the assessment year for making the addition on this account would not achieve any purpose rather it will defeat the purpose of provisions of section 54 - AO was justified in not allowing deduction u/s 54, hence, the action of the AO is hereby upheld - decided against assessee.
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