2004 (10) TMI 540

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..... ssessment years 1995-96 and 1996-97, the issue urged for our consideration is with regard to the arrears of rental income. 3. During the course of hearing, the learned counsel for the assessee submitted that he is not pressing the appeal for the assessment years 1995-96 and 1996-97. Therefore, I.T.A. Nos. 40 & 41/Coch/2002 are dismissed as not pressed. 4. Coming to the appeal for the assessment year 1994-95, the learned counsel for the assessee submitted that the assessee has constructed a residential premise just behind the existing commercial complex. The Assessing Officer rejected the claim of the assessee on the ground that there was no proof of residing the assessee in the said premise. The learned counsel further submitted that sect .....

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..... Act. The only requirement of statutory provision is that the assessee has to invest the funds either before one year or after three years of the transfer of capital asset. In this case, admittedly the residential premise which is said to be constructed by the assessee was constructed during the years 1982 to 87. Therefore, there was no evidence to show that the assessee constructed the building during the statutory period which is required for claiming exemption under section 54F of the Income-tax Act, 1961. The learned departmental representative invited our attention to the remand report filed by the assessee in pursuance to the order of the first appellate authority and submitted that when the Assessing Officer visited the premises perso .....

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..... plex for the purpose of exemption under section 54F of the Act. As seen from the records, the assessee claimed that he has constructed the house at Door No. 734. The present Door No. is 666. It appears from the records that the property tax was levied during the assessment year 1984. It appears from the orders of the lower authorities that the assessee has not informed the local authorities about the completion of the construction. Though the assessee claimed that the residential premises was constructed just behind the existing shopping complex, no fresh assessment was made with regard to the building said to be constructed by the assessee, by the local authority. For the assessment year 1994-95, admittedly no new assessment was made by th .....

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