TMI Blog2021 (2) TMI 1197X X X X Extracts X X X X X X X X Extracts X X X X ..... kumari [ 2015 (8) TMI 274 - KARNATAKA HIGH COURT] followed by this Tribunal in the case of Smt. Babita Kemparaje Urs [ 2017 (10) TMI 581 - ITAT BANGALORE] - Being so, in our opinion, the claim of the assessee is required to be allowed by the AO in the light of above judgments. Accordingly, we hold that assessee is entitled to deduction u/s. 54F of the act, even if the assessee has not completed the construction within the period of 3 years. However, for the limited purpose of quantification, we remit the issue to the file of AO. Addition u/s. 68 - assessee had taken loan from various parties but has not filed confirmation letters from the lenders of the loan - HELD THAT:- These credits appear in the books of account of assessee and t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3. The above total cost in purchase of above properties was ₹ 3,20,07,373. The above property was sold by the assessee on 10.10.2011 and assessee s share of sale consideration was ₹ 1,16,00,000. The assessee started constructing a residential property. The assessee spent the sale proceeds of ₹ 81.49 lakhs before 9.10.2014, but the building was not completed. The assessee computed capital gain of ₹ 65,34,029 and claimed deduction u/s. 54F on the ground that he has spent a sum of ₹ 81.49 lakhs on construction. The AO denied deduction u/s. 54F on the reason that building was incomplete within the period of three years. 3. On appeal, the CIT(Appeals) confirmed the order of AO observing that the assessee had not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e. The said view was taken by the Hon ble High Court of Karnataka in CIT v. Smt. B.S. Shantakumari (supra) and followed by this Tribunal in the case of Smt. Babita Kemparaje Urs (supra). Being so, in our opinion, the claim of the assessee is required to be allowed by the AO in the light of above judgments. Accordingly, we hold that assessee is entitled to deduction u/s. 54F of the act, even if the assessee has not completed the construction within the period of 3 years. However, for the limited purpose of quantification, we remit the issue to the file of AO. Accordingly, this ground is partly allowed. 6. The next ground is with regard to addition u/s. 68 of the Act of ₹ 38,85,074. The assessee had taken loan from various parties. H ..... X X X X Extracts X X X X X X X X Extracts X X X X
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