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2019 (7) TMI 857 - ITAT DELHIExemption u/s 54 - not deposit the capital gain amount in capital gains account scheme before the due dated prescribed u/s 139(1) - capital gain of disallowed ₹ 46,75,657/- - residential plot was purchase for an amount of ₹ 52,65,000 + Stamp duty of ₹ 2,63,250/- on which construction was made within three years - whether assessee constructed the residential house within the stipulated time ? - HELD THAT:- In the present case, the assessee has purchased the residential plot from the sale proceeds of the earlier residential house. The sale proceeds were utilized for construction of residential house with the three years itself. The decision of K. RAMACHANDRA RAO [2015 (4) TMI 620 - KARNATAKA HIGH COURT] is apt in the present case as the Hon’ble High Court held that it is not a pre-condition to invest the money in the specified Central Govt. Scheme of the sale proceeds if the property is purchased and constructed for residential purposes. DR tried to distinguish the factual matrix but the same is not tenable as the ratio and the facts determined by the Hon’ble Karnataka High Court are similar to the present assessee’s case as well. Therefore, the appeal of the assessee is allowed.
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