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2019 (1) TMI 278 - AT - Income TaxDeduction u/s 54F - property purchased was registered in the name of the assessee vide dated 10.10.2011 which is beyond the period prescribed under the provision of Section 54F - Held that:- It is a fact on record that the assessee before the AO claimed to have invested ₹ 11.11 lacs. However, the assessee before the CIT(A) claimed the first time to have made the payment of ₹ 19.34 lacs out of which a sum of ₹ 8,34,000/- was paid in April & May 2011, i.e. the date beyond the period of three years but before getting the registration of the property. From the above, it is clear that the assessee has never filed anything about the payment of ₹ 8.34 lacs before the AO. Therefore, the same needs to be verified by the AO. Whether the assessee is eligible for deduction u/s 54F for the payment made beyond three years? - Held that:- There was a delay on account of some dispute in the property which prevented the assessee from investing the money within the time as specified under section 54F of the Act. Thus, it is clear that the assessee could not comply with the provision of Section 54F of the Act which was beyond his control. Therefore we are of the view that the assessee is very much eligible for deduction u/s 54F for the amount which has been invested by him beyond the prescribed period but before getting the registration of the property provided there was sufficient reason which prevented the assessee for making in the investment within the prescribed time. The delay occurred due to the situation beyond the control of the assessee. Thus, he is eligible for deduction u/s 54F of the Act. - we direct the AO to verify the amount invested by the assessee and allow the exemption u/s 54F of the Act for the amount invested in the property beyond the prescribed period but before the registration of the property. - Decided in favour of assessee for statistical purposes.
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