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A.C. Shyam Sundar Versus Joint Commissioner of Income Tax, Range XIV, Chennai

2016 (5) TMI 1373 - ITAT CHENNAI

Denial of exemption u/s.54F - nom deposit in capital gains account scheme before due date u/sec. 139(1) - Held that:- As decided in the case of CIT vs. R.L. Sood (1999 (9) TMI 27 - DELHI High Court) were the date of agreement to purchase should be taken as the date of purchase. On applying the ratio to current circumstances, the assessee entered into agreement with builder for undivided share of land and construction agreement on 03.02.2011 which is very much before provisions of Sec. 139(4) of .....

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the opinion that assessee complied the conditions and is eligible for exemption u/s.54F of the Act. We set aside the order of CIT(Appeals) and direct AO to grant exemption u/s.54F of the Act on the remaining construction cost which was invested in the residential property before due date u/s.139(4) of the Act and allow the grounds of the assessee. - I.T.A. No. 2279/Mds/2015 - Dated:- 6-5-2016 - A. Mohan Alankamony (Accountant Member) And G. Pavan Kumar (Judicial Member) For the Appellant : R. Ga .....

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firming the findings of the Assessing Officer on denial of exemption u/s.54F of the Act as ₹ 36,00,000/- was not deposited in capital gains account scheme before due date u/sec. 139(1) of the Act. 3. The Brief facts of the case that the assessee is an individual and having income from salary, long term capital gains and interest income and filed return of income on 03.11.2011 disclosing total income of ₹ 5,72,246/- The return of income was processed u/s.143(1) of the Act, subsequentl .....

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12,820/-. The assessee claimed exemption u/s.54F of the Act on investment in the construction of residential house property. The assessee has complied the conditions u/s.54F of the Act by entering into construction and undivided share of land agreements on 03.02.2011 for total value of ₹ 66,64,457/- and assessee has invested ₹ 59,88,000/- in construction works. But the ld. Assessing Officer found the guideline value of the property as ₹ 82,28,252/- as per the Sub-Registrar Offi .....

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) of the Act, and remaining amount of ₹ 36,00,000/- was paid on 23.09.2011 ₹ 10,00,000/-, 03.02.2012 ₹ 6,00,000/- and on 10.03.2012 ₹ 20,00,000/- total aggregating ₹ 36,00,000/- and also obtained confirmation from builder. The Assessing Officer alleged that assessee has invested in the construction of property ₹ 30,00,000/- before due date of filing return and violated conditions of Sec. 54F by not depositing the remaining in capital gain account scheme and re .....

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e and purchase of property and filed written submissions on 27.10.2015 referred at page No. 4 Commissioner of Income Tax (Appeals) order were ld. Authorised Representative supported the submissions relying on judicial decisions. The ld. Commissioner of Income Tax (Appeals) considered the factual issues, grounds, written submissions and findings of the Assessing Officer has elaboratively discussed in his order and concurred with the order of Assessing Officer and upheld. Aggrieved by the order of .....

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reement assessee has paid ₹ 30,00,000/- before due date of filing of return u/s.139(1) of the Act and balance was paid by installments before 31.03.2012. The investment was made within the extended period and before end of assessment year and assessee under a belief that the provision of capital gain account scheme are not applicable and prayed for deletion of additions. 6. Contra, the ld. Departmental Representative argued that the assessee has not utilized the sale consideration before d .....

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nvested in purchase of residential flat as per builder agreement entered on 03.02.2011. The assessee has paid ₹ 30,00,000/- before 31.07.2011 as per the evidence produced by builder in letter dated 18.02.2014 and remaining amount paid in three instalments before 31.03.2012 which is not disputed by the Assessing authority. The crux of the disputed issue arise before Assessing Officer that the assessee should have deposited the amount in the capital gain accounts scheme before 139(1) of the .....

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and the assessee has, within a period of one year before or [two years] after the date on which the transfer took place purchased, or has within a period of three years after that date [constructed, a residential house] (hereafter in this section referred to as the new asset), the capital gain shall be dealt with in accordance with the following provisions of this section, that is to say,- (a) if the cost of the new asset is not less than the net consideration in respect of the original asset, .....

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r than the new asset, on the date of transfer of the original asset; or (ii) purchases any residential house, other than the new asset, within a period of one year after the date of transfer of the original asset; or (iii) constructs any residential house, other than the new asset, within a period of three years after the date of transfer of the original asset; and (b) the income from such residential house, other than the one residential house owned on the date of transfer of the original asset .....

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the above facts and provisions of law, the assessee has invested total consideration of ₹ 66,64,457/- before due date u/sec. 139(4) of the Act being 31.03.2013. The investment in residential property has to be within three years from the date of transfer of vacant land on 02.10.2010. The assessee has not deposited in capital gain accounts scheme ₹ 36,00,000/- before 139(1) of the Act but complied with the conditions u/s.54F(1) of the Act on purchasing and construction of residential .....

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