TMI Blog2023 (1) TMI 829X X X X Extracts X X X X X X X X Extracts X X X X ..... ossession is stated to be handed over on 15.10.2014. As against installments so received, the assessee has purchased land on 29.11.2013 which falls within one year from receipt of full sale consideration as well as handing over of the possession. Undisputedly the investment has been made out of part of sale consideration. Simply because the sale deed has been executed subsequently, the deduction of Rs.45 Lacs could not be denied to the assessee. Investment in subsequent property is concerned, we find that the assessee has purchased adjacent land and constructed residential property on the same. The assessee made investment in land for Rs.57.10 Lacs as well as incurred substantial construction expenditure to the extent of Rs.130.56 Lac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... facts circumstances of the case. Evidently, the sole grievance of the assessee arises out of computation of capital gains. 2. The Registry has noted delay of 7 days in the appeal, the condonation of which has been sought Ld. AR on the strength of affidavit of the assessee. Considering the period of delay and contents of affidavit, we condone the delay and admit the appeal for adjudication on merits. 3. During assessment proceedings, it transpired that the assessee sold certain property on 23.02.2015 for Rs.283 Lacs. Out of the advanced so received against the sale of property under unregistered sale agreement dated 15.05.2013, the assessee purchased land and building at Peerkankaranai village, Kamaraj Nagar for Rs.45 Lacs on 29 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... which alone would be eligible for deduction u/s 54F. 5. The relevant dates and chronology of events was tabulated by ld. CIT(A) as under: - No. Dates Events 1 18.08.2004 Appellant acquired vacant land at Shollinganallur by way of Settlement Deed from her father 2 13.05.2013 Appellant received Rs.45,00,000/- as advance for sale of said land from one Mr.G.Ramprasad 3 15.05.2013 Appellant entered into agreement for Sale of the land at Shollinganallur with Mr . Ramprasad for a total sale consideration of Rs.2,83,00,000/- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... also upheld the restriction of deduction on the ground that unutilized gains were not deposited in Capital Gains Account Scheme. Aggrieved, the assessee is in further appeal before us. Our findings and Adjudication 6. It could be seen that the assessee has entered into sale agreement dated 15.05.2013 for sale of property for Rs.283 Lacs. The terms of the sale agreement has been honored and the intended purchaser has paid sale consideration from time to time. The full sale consideration has been paid on 16.12.2013 whereas sale deed has been executed on 23.02.2015. The possession is stated to be handed over on 15.10.2014. As against installments so received, the assessee has purchased land on 29.11.2013 which falls within one year ..... X X X X Extracts X X X X X X X X Extracts X X X X
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