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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 ..... : Mr. Prakash Kumar, Advocate JUDGEMENT SANJIV KHANNA, J. (ORAL): This appeal by the Revenue under Section 260A of the Income Tax Act, 1961 (Act, for short), deserves dismissal at the admission stage itself. 2. The Assessing Officer made two additions. Firstly, benefit under Section 54F of the Act was denied and capital gains of Rs.51,71, 994/- was brought to tax. The second addition made by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bank on 15th December, 2004 by mortgaging this property. 5. The Assessing Officer observed that as per Section 54F the assessee was required to complete construction of a residential house within three years from the date of the sale of the capital asset. The Assessing Officer held that there was neither the need for the assessee to reconstruct nor renovate the purchased property as it was alread ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erence in the earlier construction as per the plan sanctioned by the DDA on 6th April, 1989 and the new construction. It is evident that the property was initially constructed way back in 1989. The first appellate authority has highlighted the new construction, the area constructed and mentioned the difference between the old and new construction. The appellate authority has referred to the notice ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e word "construct" is distinguishable from maintaince, which means to keep up, to keep from change, to preserve. The word "construction" for the purpose of Section has to be given realistic, practical and a pragmatic meaning keeping in mind the object and purpose of the provision. Section 57F is a beneficial provision as an earlier capital asset, which is sold, is replaced by a new capital asset i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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