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Income-Tax Officer Versus Narayana Rao and Vice Versa

Exemption u/s 54 - CIT(A) allowed the claim - Held that:- We find that in the case of the assessee, the assessee has utilised the entire capital gains within the period of one year but due to certain circumstances beyond the control of the assessee, the construction of the house could not be completed within the specified period.

As it is not disputed by the authorities below that the assessee has invested the amount of capital gain for construction of a residential house within the .....

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enue against the order of the learned Commissioner of Income-tax (Appeals)-IV, Hyderabad, dated July 25, 2014, for the assessment year 2009-10 while the cross-objection is filed by the assessee in support of the learned Commissioner of Income-tax (Appeals) order. 2. The brief facts of the case are that the assessee, an individual, filed his return of income for the assessment year 2009-10 on July 31, 2009, admitting total income of ₹ 10,08,400. The income comprises salary and income from o .....

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truction of an independent house in a gated community in the said land but the construction of the said house was not completed within the stipulated period. He, therefore, disallowed the exemption under section 54 of the Income-tax Act. Aggrieved, the assessee preferred an appeal before the learned Commissioner of Income-tax (Appeals) who allowed the same by following the judgment of the hon'ble Karnataka High Court in the case of Sambandham Udaykumar and also the decision of the co-ordinat .....

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e-tax Act, the same is taxable at the end of the third year, the assessee is in cross-objection before us. 3. At the time of hearing, the learned Departmental representative relied on the order of the Assessing Officer while learned counsel for the assessee supported the order of the learned Commissioner of Income-tax (Appeals). Learned counsel for the assessee has also filed before us various decisions by which the issue is covered. He has also relied upon the judgment of the hon'ble Suprem .....

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te Bench of this Tribunal in the case of Narasimha Raju Rudra Raju v. Asst. CIT [2013] 26 ITR (Trib) 681 (Hyd) wherein the Tribunal has held as under (page 688) : "11. . . . We agree with the contention of the learned authorised representative that the provisions contained under section 54F being a beneficial provision has to be construed liberally. In various judicial precedents as also in the decision cited before us by the learned authorised representative, it has been held that the cond .....

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the assessee from claiming the benefit under section 54F of the Act. Once the assessee demonstrates that the consideration received on transfer has been invested either in purchasing a residential house or in constructing a residential house even though the transactions are not complete in all respects and as required under the law, that would not disentitle the assessee from availing of the benefit under section 54F of the Act. Even investment made in purchasing a plot of land for the purpose o .....

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