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TMI Blog2019 (7) TMI 857X X X X Extracts X X X X X X X X Extracts X X X X ..... e reduction of exemption u/s 54 by Rs. 46,75,657/-. 3. That the impugned appellate order is arbitrary, illegal, bad in law and in violation of rudimentary principles of contemporary jurisprudence. 4. That the appellant craves leave to add, alter any/all grounds of appeal before or at the time of hearing of the appeal." 3. The assessee has filed return declaring total income of Rs. 6,40,320/- on 27.9.2012. During the course of assessment proceedings the Assessing Officer noted that the assessee sold residential house situated at Raj Nagar, Ghaziabad on 19.08.2011 for a consideration of Rs. 1,05,00,000/-. Capital gain on this transaction was shown at Rs. 1,02,03,907/-. This capital gain was claimed as exempt u/s 54 of the Income Tax Act, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y assessee as deduction u/s 54 of the Act. The Assessing Officer held that the claim of deduction on the balance amount was not allowable as assessee failed to deposit the balance amount in the account in specified bank or Institution before due date of filing of return u/s 139(1) of the Act. 4. Being aggrieved by the assessment order, the assessee filed appeal before the CIT(A) and dismissed the appeal of the assessee. 5. The Ld. AR submitted that the assessee has purchased the residential plot from the sale proceeds of the earlier residential house. The sale proceeds were utilized for construction of residential house and, therefore, deduction u/s 54 is rightly claimed by the assessee. The Ld. AR relied upon the decision of the Hon'ble ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the property and if such investment is made within the period stipulated therein, then Section 54F(4) is not at all attracted and therefore the contention that the assessee has not deposited the amount in the Bank account as stipulated and therefore, he is not entitled to the benefit even though he has invested the money in construction is also not correct. 5. For the aforesaid reasons both the substantial questions of law are answered in favour of the assessee and against the Revenue. Therefore, we do not see merit in any of the appeals. Accordingly, all the four appeals are dismissed." In the present case, the assessee has purchased the residential plot from the sale proceeds of the earlier residential house. The sale proceeds were uti ..... X X X X Extracts X X X X X X X X Extracts X X X X
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