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2023 (3) TMI 603 - ITAT DELHIDeduction u/s 54F - assessee has neither claimed this benefit during the course of assessment nor provided the complete evidences in support of this claim - condition required under sub-section (2) of section 54F of the Act not satisfied as assessee actually sold property which was a plot of land - HELD THAT:- Neither the AO nor the ld. Sr. DR controverted the factual position that the assessee received consideration of Rs.7,31,76,075/- as consideration of sale of plots and had invested an amount of Rs.7,42,40,524/- in purchase of residential property during the relevant financial period in which the property was sold. It has also not been controverted that at the time of selling the plots and purchasing residential property, the assessee was owning only one other residential house during FY 2016- 17. For making claim u/s 54F, the cost of acquisition of house and full consideration, its fair market value is not relevant for the purpose of adjudication of claim of the assessee because the full consideration has to be considered for eligibility for deduction u/s 54F of the Act and, in the present case, the assessee has demonstrated that she has invested higher amount in purchase of residential property than the total amount of consideration received by her against sale of plots. CIT(A) was right in holding that the condition required under sub-section (2) of section 54F of the Act and other requirements have been successfully satisfied by the assessee, therefore, the assessee was eligible for deduction u/s 54F to the extent of consideration invested in acquisition of new residential property which is undisputably higher than the amount of consideration received by the assessee on sale of plots. Therefore, we are unable to see any valid reason to interfere with the findings arrived and recorded by the ld.CIT(A) and, thus, we uphold the same. Accordingly, grounds of the Revenue are dismissed.
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