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TMI Blog2015 (8) TMI 1019X X X X Extracts X X X X X X X X Extracts X X X X ..... er s/s. 2 to Sec.54 if such proceeds / capital gains, if not invested /utilized for purchase of new asset, within specific time then such proceeds will have to be deposited in a specified bank account and has to be utilized in any scheme which the Central Govt. notifies and proof of such shall be accompanied with the return. There is no requirement in the Act that necessarily the assessee has to p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Lavadiya ORDER PER JOGINDER SINGH (JM) The assessee is aggrieved by the impugned order dated 21/09/2010 of the ld. First Appellate authority. Ground nos.1 and 2 pertains to disallowance of exemption u/s. 54 of the Act amounting to ₹ 23,77,683/- which as per the assessee was without appreciating the details and submissions filed before the ld. CIT(A) for claiming such exempti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Act was denied to the assessee by the ld. AO on the plea that assessee did not produce any purchase agreement with regard to investment in the residential flat at Thane. Still there is no dispute that an allotment letter dated 9/9/10 along with evidence of payment was duly submitted before the authorities. If the allotment letter and proof of payment is produced it cannot be said that the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a (2001) 201 Taxmann 79 (Kar.), Smt. Sashi Verma, 224 ITR 106(M.P.), CIT vs. Smt. Brinda Kumari (2001) (114 Taxmann 266 (Del.), CIT vs. Smt. Bharti C. Kothari 244 ITR 352 (Cal.), CIT vs. Dr. Laxmichand Narpal Nagda 211 ITR 804 (Bom.), CIT vs. Shehzada Begum 173 ITR 379 (AP) supports our view. In the case of Shehzada Begum it was held by the Hon ble Andhra Pradesh High Court that date of taking ove ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ns to levy of interest u/s. 234B of the Act for which the liability of the assessee was strongly denied. Since we have decided the claim of exemption u/s. 54 of the Act in favour of the assessee, therefore, levy of interest u/s. 234B of the Act is consequential in nature. 4. Finally the appeal of the assessee is allowed. Order pronounced in the open court in the presence of ld. Representativ ..... X X X X Extracts X X X X X X X X Extracts X X X X
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