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TMI Blog2022 (7) TMI 161X X X X Extracts X X X X X X X X Extracts X X X X ..... t No.5, Kalinga Nagar, Ghatikia, Bhubaneswar under lease from Government of Orissa in the year 1994. The lease hold land was made free hold by Government in the year 2009. During the assessment year 2014-15, the assessee entered into a collaboration agreement with a builder viz. Shri Pratap Kumar Roy for the purpose of construction of flats in the said plot. The construction was to be carried out by the builder with an undertaking that the assessee was to receive 37.5% of the total built up area and cash component of Rs.10 lakhs. Accordingly, the assessee transferred the proportionate undivided interest in the plot to the builder or his nominee in exchange of 37.5% of the built up area flats. It was the submission that as the builder was un ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ical verification was called for from the Assessing Officer, who vide his remand report dated 22.6.2022 has submitted as follows: "Sub: Furnishing of Remand report in the case of Smt. Jay ashree sahu in ITA No. - 367/CTK/2019. (Assessment Year 2016-17)- Matter Regarding. Ref: The ITAT's direction given in the order sheet entry dated 16/17 - May 2022. Kindly refer to the above. In this context, I am to say that a letter was sent to the assessee on dated 08/06/2022 in e-proceedings module for physical verification of her premises as the matter was remanded for calling of physical verification report. As the assesse could not be available for this purpose as she is not staying there another letter was issued to her on 14.06.2022 to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent unit situated in the upstairs and not linked to Flat No.201 & 202. 4. In reply, ld Sr DR vehemently relied upon the order of the ld CIT(A). it was the submission that the assessee has acquired multiple units and, therefore, the assessee is not entitled to the claim of exemption u/s.54F of the Act. 5. We have considered the rival submissions. Admittedly, the physical verification report, remand report clearly show that the assessee has acquired Flat Nos.201 & 202 as a single unit and Flat No.301 on the upper stair is not connected to Flat No.201 & 202 owned by the assessee. Consequently, as the assessee has constructed one residential house being the combination of both Flat Nos.201 & 202, the assessee is entitled to the benefit of exe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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