9911796707
TMI Blog2021 (11) TMI 347X X X X Extracts X X X X X X X X Extracts X X X X ..... ") relevant to the Assessment Year 2013-2014. 2. The assessee has raised the following grounds of appeal: The Appellant objects to the order U/s 250 dated 27.09.2017 passed by Hon Commissioner of Income tax (Appeals)-13,Ahmedabad on the following amongst other grounds of appeal. (1) (a) That the Hon C I T (APPEALS) has erred in not allowing deduction of RS 6450000 u/s 54 for investment in acquiring of new flat. (b) That on the facts and in the circumstances of the case and in law the appellants genuine claim for investment of RS 6450000 ought to be allowed u/s 54 of the I T ACT 1961 (2) (a) That the Hon C I T(Appeals) erred in observing and holding that the for acquiring a newly constructed flat the time-limit is two years and not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... authorities below are that the assessee in the present case is an individual and non-resident assessee. The assessee in the year under consideration has claimed exemption under section 54F of the Act for an amount of Rs. 50,51,000/- only and Rs. 14 lakh under 54(2) of the Act. The impugned amount of exemption was on account of the investment made in the construction of the property for Rs. 50,51,000/- and the deposit of Rs. 14 lakh in the capital gain account scheme. 4.1 However, the AO during the assessment proceedings found that the assessee has not filed any documentary evidence establishing the fact that he has purchased any property within the time prescribed under the provisions of section 54F of the Act except the agreement for purc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 15 whereas the assessee received the possession dated 15 March 2016 which is almost after the lapse of one year. Thus the condition as specified under section 54 has not been fulfilled. Thus the learned CIT (A) disregarded the contention of the assessee and confirmed the order of the AO. 8. Being aggrieved by the order of the learned CIT (A), the assessee is in appeal before us. 9. The learned AR before us filed a paper book running from pages 1 to 34 and contended that the entire amount for the purchase of the property was paid and deposited in the capital gain account scheme within the prescribed time. The learned AR for this purpose drawn our attention on page 2 of the paper book where the bank statement of the assessee was placed. 9. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rders of the assessee's brother which is placed on record. 10. On the other hand the learned DR before us contended that the assessee was required to purchase the house within a period of 2 years but he has failed to do so. Likewise, there was no evidence filed by the assessee establishing the fact whether he has deposited a sum of Rs. 14 lakhs in the capital gain account scheme. Even the entry shown in the bank account of the assessee does not suggest so. 11. The learned DR further submitted that any mistake committed by the AO in the case of the brother of the assessee does not mean that the same mistake should be repeated by the same AO in the case of the assessee. Accordingly the learned DR was of the view that the principles of consi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o assessee on completion of construction. Then such act of the assessee is to be considered as construction of new residential house not the purchase of property. Accordingly the time limit will extend to 3 years from the date of transfer of property to complete the construction. 12.2 In view of the above, we hold that the assessee cannot be denied the benefit of exemption available to him under the provisions of section 54/54F of the Act on account of the delay on the part of the builder. 12.3 With respect to the deposit of Rs. 14 lakhs in the capital gain account scheme, we have perused the bank statement filed by the assessee and note that there is a payment of Rs.14 lakhs. But this payment does not indicate the fact that the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X
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