TMI Blog2021 (10) TMI 860X X X X Extracts X X X X X X X X Extracts X X X X ..... some time the counsel rescued herself from the case and informed the Bench that the assessee intends to engaged other counsel. However, none appeared on behalf of the assessee. This appeal is pending since 2016 and is in the category of more than five years old cases. In these circumstances, we have no option left except to decide the appeal after hearing the submission of ld.Sr.DR for the Revenue and the material available on record. We have also gone through the orders of Lower Authorities and various documents filed on record. We find that no documentary evidence to substantiate the claim that any amount was invested for purchase of new residential house except a certificate of builder wherein the assessee is a partner that assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the appellant to claim exemption u/s 54F. 4. Both the lower authorities erred in law and on facts in not appreciating the provisions of the section that the appellant cannot be denied exemption u/s 54F in absence of either registered sale deed or possession of the property. The appellant is entitled to claim u/s 54F having fulfilled the condition of investing booking residential property within stipulated time. 5. Alternatively without prejudice to the above contention, ld. CIT (A) erred in law and on facts in rejecting the contention that in case exemption u/s 54F is denied then resulting capital gain be taxed in the year in which period of 3 years to sale is completed. It be so held now. 6. Levy of interest u/s 234A/234 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... his fund in property for purchase of new residential house at Vesu, which was about to commence, however due to dispute of title the project could not be commenced. The assessee has invested her fund for purchase of booking of the property. The project was delayed due to defect in title and some complaint was made with District Mamlatdar Office. The assessee further contended that her intention was to purchase the residential house and the payment was made. The purchase value of the property is more than the long term capital gain taxable at the end of assessee. The assessee has spent entire consideration received on the sale of property for construction of residential house. To substantiate her claim, the assessee relied upon the decision ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e transfer of flat [old asset] and new investment in residential property, confirmation of builder/ allotment letter. The AO required the registered sale deed of new property and other documentary support of claim under section 54 of the Act. The assessee and her representative explained that due to technical hindrances in the process, they are unable to commence the construction. To justify her claim, she produced the bank statement for details of sale consideration received and payment made to builder for purchase of new flat. The assessee also stated that due to dispute and differences with the previous owner, the Municipal Corporation of Surat has not approved the lay out plan. The assessee claimed that she invested the entire sale cons ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... new residential property. The assessee has neither filed any booking receipt, allotment letter or any agreement with the builder to substantiate the claim that she invested the capital gain for purchase of new residential house. The documentary evidence furnished by assessee does not prove the claim of the assessee. 7. We have considered the submission of ld.Sr.DR for the Revenue. We have also gone through the orders of Lower Authorities and various documents filed on record. We find that no documentary evidence to substantiate the claim that any amount was invested for purchase of new residential house except a certificate of builder wherein the assessee is a partner that assessee booked a residential flat. No number of residential unit ..... X X X X Extracts X X X X X X X X Extracts X X X X
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