2016 (5) TMI 101

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... period, we do not see any reason to interfere with the order of the learned Commissioner of Income-tax (Appeals) which is inconsonance with the precedents on the issue. - Decided against revenue
P. Madhavi Devi (Judicial Member) And B. Ramakotaiah (Accountant Member) For the Petitioner : M. H. Naik For the Respondent : V. Raghavendra Rao ORDER P. Madhavi Devi (Judicial Member) 1. This appeal is filed by the Revenue against the order of the learned Commissioner of Income-tax (Appeals)-IV, Hyderabad, dated July 25, 2014, for the assessment year 2009-10 while the cross-objection is filed by the assessee in support of the learned Commissioner of Income-tax (Appeals) order. 2. The brief facts of the case are that the assessee, an indivi .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... of Income-tax (Appeals) and also raising an alternative ground that even if the capital gains is not allowable in the relevant assessment year under section 54 of the Income-tax Act, the same is taxable at the end of the third year, the assessee is in cross-objection before us. 3. At the time of hearing, the learned Departmental representative relied on the order of the Assessing Officer while learned counsel for the assessee supported the order of the learned Commissioner of Income-tax (Appeals). Learned counsel for the assessee has also filed before us various decisions by which the issue is covered. He has also relied upon the judgment of the hon'ble Supreme Court in the case of Fibre Boards (P.) Ltd. v. CIT [2015] 376 ITR 596 (SC) .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... the assessee demonstrates that the consideration received on transfer has been invested either in purchasing a residential house or in constructing a residential house even though the transactions are not complete in all respects and as required under the law, that would not disentitle the assessee from availing of the benefit under section 54F of the Act. Even investment made in purchasing a plot of land for the purpose of construction of a residential house has been held to be an investment satisfying the conditions of section 54F of the Act. Though there cannot be any dispute with regard to the abovesaid proposition of law, the assessee is required to prove the actual date of investment and the amount invested towards purchase/construct .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X