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2016 (5) TMI 101 - ITAT HYDERABAD

2016 (5) TMI 101 - ITAT HYDERABAD - [2016] 46 ITR (Trib) 178 - 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 c .....

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dhavi Devi (Judicial Member) 1. This appeal is filed by the Revenue 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 & .....

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reement with M/s. Sai Venkateswara Estates, Hyderabad, for construction 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 .....

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e in the relevant assessment year under section 54 of the Income-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. .....

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mstances before us are similar to the case before the co-ordinate 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 le .....

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ccupied within the period stipulated that would not disentitle 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 .....

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Boards (P.) Ltd. v. CIT [2015] 376 ITR 596 (SC) has held as under (page 621) : "38. We are of the view that the aforesaid construction of section 54G would render nugatory a vital part of the said section so far as the assessee is concerned. Under sub-section (1), the assessee is given a period of three years after the date on which the transfer takes place to purchase new machinery or plant and acquire building or land or construct building for the purpose of his business in the said area .....

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