TaxTMI 
TaxTMI 
2018 (3) TMI 293
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....t there was sufficient cause for not filing the appeal before the stipulated time. Therefore, we condone the delay and admit the appeal. 3. The only issue arises for consideration is deduction claimed by the assessee under Section 54 of the Income-tax Act, 1961 (in short 'the Act'). No one appeared for the assessee even though the notice of hearing was issued to the assessee. Therefore, we heard Ld. Departmental Representative and proceed to dispose of the appeal on merit. 4. Smt. C. Yamuna, the Ld. Departmental Representative, submitted that the assessee claimed deduction under Section 54 of the Act. According to the Ld. D.R., the new flat in which the investment was said to be made was not completed. Even though the payment was ....
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....one residential house in India then, instead of the capital gain being charged to income-tax as income of the previous year in which the transfer took place, it shall be dealt with in accordance with the following provisions of this section, that is to say,- (i) if the amount of the capital gain is greater than the cost of the residential house so purchased or constructed (hereafter in this section referred to as the new asset), the difference between the amount of the capital gain and the cost of the new asset shall be charged under section 45 as the income of the previous year ; and for the purpose of computing in respect of the new asset any capital gain arising from its transfer within a period of three years of its purchase or const....
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....posited shall be deemed to be the cost of the new asset : Provided that if the amount deposited under this sub-section is not utilised wholly or partly for the purchase or construction of the new asset within the period specified in sub-section (1), then,- (i) the amount not so utilised shall be charged under section 45 as the income of the previous year in which the period of three years from the date of the transfer of the original asset expires ; and (ii) the assessee shall be entitled to withdraw such amount in accordance with the scheme aforesaid." 7. A bare reading of Section 54 of the Act clearly says that in case the assessee purchased a residential house in India or constructed a residential house in India within the per....