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2017 (2) TMI 339 - ALLAHABAD HIGH COURT

2017 (2) TMI 339 - ALLAHABAD HIGH COURT - TMI - Eligibility of exemption u/s 54F - as within the stipulated period the assessee has purchased plot for construction of residential house but constructions has not been completed - Whether phrase 'constructed residential house", inter-alia, will include investment in purchase of residential plot and investment in payment of development charges for use of plot ? - Held that:- The assessee has not started the construction within the specified period a .....

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eported in (2007 (7) TMI 294 - PUNJAB AND HARYANA HIGH COURT ) wherein also the Court has held that no benefit under Section 54F of the Act could be given to the assessee, who had failed to fulfil the primary ingredients of proving either the constructions of a house or the purchase of a house. In fact there is not such a whisper that the construction had been started or that any portion at all had been built. - Decided against the assessee. - Income Tax Appeal No. 161 of 2011 - Dated:- 2-2-2017 .....

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for exemption filed by the assessee under Section 54 F of the Income Tax Act. The questions of law sought to be answered are hereunder:- "A. Whether in the facts and circumstances of the present case the assessee will be entitled for exemption contemplated under Section 54F of the Income Tax Act where within the stipulated period the assessee has purchased plot for construction of residential house but constructions has not been completed? B. Whether phrase 'constructed residential hou .....

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uring 3496 Sqm. The same was sold for ₹ 88.00 lacs and in the year 2005-06 the assessee invested an amount of ₹ 14,10,500/- for purchasing a plot of land for construction of a residential flat from M/s. Ansal Housing and Construction Ltd., New Delhi. This inter-alia, included the amount spent by the assessee towards external development charges of ₹ 68,750/-. The assessee also spent an amount of ₹ 125/- for seeking sanction of map for construction of the house from Agra D .....

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the assessee in view of the fact that since the constructions were not done of the residential house and merely plot was purchased for construction of residential house, hence, the assessee is not entitled for claiming the aforesaid exemption under Section 54F of the Act. Against the aforesaid order the assessee filed an appeal before the Commissioner Income Tax (Appeals), who passed the order on 16.07.2009 and allowed the appeal of the assessee by reversing the order of the assessing officer o .....

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the order passed by the assessing officer. The Tribunal has examined the matter at length and recorded a clear finding of fact, which reads hereunder:- "We have also gone through the decision of Hon'ble Madras High Court in the case of CIT vs. Sardar Mal Kothari and Another (supra). In this case also the assessee had purchased the plot and substantially completed the constructions within the specified period, but the construction was not fully completed. When the matter traveled to the .....

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