TMI Blog2014 (8) TMI 1164X X X X Extracts X X X X X X X X Extracts X X X X ..... remitted to the file of the AO for verification of these details filed by the assessee. We remit the issue back to the file of the AO only to examine the veracity and authenticity of the documents filed by the assessee and if the documents are found to be genuine, then the AO is directed to allow exemption u/s 54F of the Act. In the result, the assessee’s appeal is allowed for statistical purposes. - ITA No.509/Bang/2013 - - - Dated:- 8-8-2014 - Smt. P. Madhavi Devi and Shri Jason P.Boaz, JJ. Appellant by: Shri Shreeshkumar Eshwar Hegde, CA. Respondent by: Shri N. Balakrishnan, JCIT (DR) ORDER Smt. P. Madhavi Devi, This is an appeal by the assessee directed against the order of the CIT(A)-LTU, Bangalore, date ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... date of transfer i.e. 1 years prior to the date of transfer. He held that as per the provisions of sec.54F, the assessee has to construct a house within three years after the date of transfer of property and therefore cannot commence construction of the house prior to the date of sale. He further observed that the assessee has not completed the construction within the stipulated time and that no evidence is produced in this regard. Thus, he formed an opinion that the assessee s claim is totally incorrect. Show cause notice was therefore issued to the assessee to explain as to how his claim u/s 54F is maintainable. The assessee, while reiterating his contentions, placed reliance upon (i) the decision of the jurisdictional High Court in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nya Bhat (cited supra) as well as in the case of CIT vs. Sambandam Udaykumar (345 ITR 389). As regards completion of the house within three years from the date of sale of property, the stand of the Revenue has been that the assessee has not furnished any evidence in support of the same. The learned counsel for the assessee furnished before us copies of the first Electricity Bill dated 19-6-2009 and Internet usage Bill issued for the period 5-6-2009 to 4-7-2009 and also the property tax receipt remitted to the BBMP for the relevant period as evidence in support of his claim that the construction of the house was completed within three years from the date of sale i.e. 26-9-2007. The assessee has also placed before us payments made to contract ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r of the property has been invested either in purchase or in construction of a residential house, even though these transactions are not complete in all respects and as required under law, the same would not disentitle the assessee from the benefit of exemption u/s 54F of the Act. In this case, it was held that even though the construction was not completed within three years as certain work like flooring, electrical fittings, fittings of doors etc., were still pending, since the registered sale deed was executed showing the transfer of property in assessee s favour and the assessee was in possession and occupation of the said property, the assessee was entitled to the benefit of exemption u/s 54F of the Act. In the case of J.R.Subramanya B ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at the installation of the telephone was done on 6th July 2009. At page 42 is the Property Tax paid receipt wherein the date of receipt is 22-12-2009 and the property tax is levied for the year 2008-09. According to the learned counsel for the assessee, all these go to show that the assessee was already in occupation and possession of the said property and without substantial completion of the construction, the assessee could not have entered the property and utilized the services of electricity as well as telephone. We find that the assessee has placed the electricity as well as Internet bill before the CIT(A) and the copies of the property tax receipt were not filed before either of the authorities below. In our opinion, these documents g ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
