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TMI Blog2013 (11) TMI 1380X X X X Extracts X X X X X X X X Extracts X X X X ..... n - The word “construct” is distinguishable from maintenance, which means to keep up, to keep from change, to preserve - The construction was carried out within the outer limit of three years - Decided against Revenue. - ITA No. 505/2013 - - - Dated:- 22-11-2013 - MR. SANJIV KHANNA AND MR. SANJEEV SACHDEVA, JJ. For the Appellant: Mr. N.P. Sahni, Sr. Standing Counsel, Mr. P. Roy Chaudhuri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r, 2006 for Rs.45 lacs. Since the stamp duty was paid on circle rates, the assessee had declared capital gains of Rs.51,71,994/- as per Section 50C(1). The said sale consideration has not been disturbed or objected to by the Assessing Officer. 4. The Assessee had purchased a fully built up property measuring 275 square yards C-7, Anand Vihar, Delhi for Rs.50 lacs on 21st December, 2004. The asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s declared by the assessee at Rs.59,98,451/-. The total amount spent on construction itself, as is noticeable, is substantial and even more than the purchase value as declared. The loan with mortgage was obtained by the respondent-assessee a few days before execution of the sale deed. 7. The CIT (Appeals) permitted the assessee to adduce additional evidence and has referred to the remand reports ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ad stated that the earlier structure was demolished and thereafter, new construction was made on the plot. After examining the factual matrix, the first appellate authority reached the conclusion that it was a case of new construction after demolition. The said factual finding has been affirmed by the tribunal. The word construction in Blacks Law Dictionary, 6th Edition at page 312 has been def ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... case. In the case at hand, we find that the factual finding recorded by the first appellate authority and affirmed by the tribunal show that it is a case of construction under Section 54F of the Act. 9. Section 54F of the Act requires that construction should be carried out within a period of three years from the date of sale of the capital asset. In the present case, the construction was car ..... X X X X Extracts X X X X X X X X Extracts X X X X
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