TMI Blog2020 (9) TMI 69X X X X Extracts X X X X X X X X Extracts X X X X ..... tments under the Capital Gain Scheme almost entire consideration under fixed deposits with the Syndicate Bank. Assessee transferred original asset on 26-08-2011 therefore in our opinion, the Capital Gain has to be assessed in the year under consideration i.e. A.Y. 2012-13. In order to get exemption u/s. 54F of the Act, the assessee must have purchased new asset one year before (26-08-2010) or two years after (26-08-2013) or constructed one residential house within a period of three years (26-08-2014). As rightly pointed by Shri Alok Malviya, ld. DR that the assessee did not utilize the sale consideration for purchase of flat or construction of one residential house. Therefore, the exemption as claimed by the assessee u/s. 54F of the A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) were realized on 07-04-2012 and 14-07-2012, respectively the Capital Gains should be assessed in A.Y. 2013-14. The said contention was found not acceptable to the Assessing Officer. The Assessing Officer observed that the assessee has not utilized sale consideration within stipulated period for acquisition of new asset i.e. purchase of flat or construction of house, for which it was submitted by the assessee that an amount of ₹ 65,60,000/- in Syndicate Bank under Capital Gains Scheme for 60 months. The Assessing Officer having not found the submissions of assessee acceptable assessed Long Term Capital Gain of ₹ 68,21,776/- under the year under consideration i.e. A.Y. 2012-13. The CIT(A) confirmed the same having holding the da ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d the assessee has not utilized the sale consideration within stipulated period for acquisition of new asset i.e. purchase of flat or construction of new house/residence. He argued that the assessee has herself admitted during the course of assessment proceedings that she did not utilize the sale consideration for purchase of flat or construction of house. Further, he submits that the stamp duty was paid on the date of transfer of asset and it was registered on 26-08-2011 and at the same time the possession of property were also handed over to the purchasers on the said date itself. He argued the Capital Gain has to be assessed in the year under consideration i.e. 2012-13 since the assessee failed to utilize the sale consideration in any ..... X X X X Extracts X X X X X X X X Extracts X X X X
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