TMI Blog2020 (1) TMI 310X X X X Extracts X X X X X X X X Extracts X X X X ..... which was received jointly by them and credited in the bank accounts as evidenced from the assessment order. The assessee submitted that the sum of ₹ 18 lakhs was used for construction and accordingly the said amounts were withdrawn from the bank account on various dates. The assessee submitted a certificate from Gram Panchayat confirming the construction of house property on the site owned by them earlier. The AO without making any enquiries disbelieved the claim of the assessee and disallowed the deduction claimed by the assessee which is unjustified according to our view. As per the certificate, the house was constructed during the period 2007-08 and no approval was necessary in the village. The Sarpanch has signed the letter d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... adras terraced room with plinth area of 100 sft bearing D.No.32- 37-20 in sy.No.129 part, Block No.4, Plot No.21 22, Market ward within Greater Visakhapatnam Municipal Corporation for a consideration of ₹ 9,00,000/- vide document No.4937/2006 dated 16.10.2006 and the market value of which was ₹ 13,29,500/- as per SRO, Visakhapatnam. The assessee filed the return of income in response to the notice issued by the AO admitting total income of ₹ 50,000/- from other source and ₹ 1,00,000/- as agricultural income on 21.04.2014. The assessee claimed deduction u/s 54F of the Act to the extent of ₹ 13,65,550/- against the sale proceeds of ₹ 26,89,000/- which includes sale consideration of his wife and indexed co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... axed the long term capital gains at ₹ 11,34,875/-. 4. Against the order of the AO, the assessee went on appeal before the CIT(A) and the Ld.CIT(A) dismissed the appeal of the assessee. The Ld.CIT(A) did not believe the contention of the assessee that the withdrawals made in the bank account were used for construction and relied on the decision of Hon ble Supreme Court in the case of Dilip kumar and Company Ors vide order dated 30.07.2018 in civil appeal No.3327 of 2007 and held that the assessee is not eligible for exemption, accordingly upheld the order of the AO. 5. Against which the assessee filed appeal before this Tribunal. During the appeal hearing, the Ld.AR submitted that the assessee has co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ny evidence to disprove the same.. Hence, requested to set aside the orders of the lower authorities and allow the appeal of the assessee. 6. On the other hand, the Ld.DR strongly supported the order of the Ld.CIT(A) and submitted that the assessee failed to furnish the proof for construction of house, thus, requested to uphold the order of the Ld.CIT(A) and dismiss the appeal of the assessee. 7. We have heard both the parties and perused the material placed on record. In the instant case, the assessee has sold the property consisting of site and Madras terraced building located at Sy.No.129, Block No.4, Plot No.21 22 with D.No.32-37-20 within the Greater Visakhapatnam Municipal Corporation limits, Visakh ..... X X X X Extracts X X X X X X X X Extracts X X X X
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