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TMI Blog2017 (2) TMI 339X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessee under Section 54 F of the Income Tax Act. The questions of law sought to be answered are hereunder:- "A. Whether in the facts and circumstances of the present case the assessee will be entitled for exemption contemplated under Section 54F of the Income Tax Act where within the stipulated period the assessee has purchased plot for construction of residential house but constructions has not been completed? B. Whether phrase 'constructed residential house", inter-alia, will include investment in purchase of residential plot and investment in payment of development charges for use of plot ? C. Whether it is necessary for application of Section 54F of the Income Tax Act that constructions should be completed within the stipulat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee filed an appeal before the Commissioner Income Tax (Appeals), who passed the order on 16.07.2009 and allowed the appeal of the assessee by reversing the order of the assessing officer on Section 54F of the Income Tax Act. In the said course Commissioner Income Tax (Appeals) relied upon the judgement of Hon'ble Madras High Court as well as upon CBDT Circular No.667 dated 18.10.1993. Against the order dated 16.07.2009 the revenue filed an appeal before the Income Tax Appellate Tribunal giving rise to ITA No.428/Agra/2009. Income Tax Appellate Tribunal, Agra Bench, Agra who vide judgement and order dated 08.04.2011 has allowed the appeal filed by the revenue and has restored the order passed by the assessing officer. The Tri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Narang v. Commissioner of Income Tax reported in (2009) 317 ITR 332 (All) wherein also the Court has held that the provisions of Section 54F of the Act specifically situations where the assessee in order to save himself from payment of tax of capital gains decides to either purchase or construct a house within the specified period and if he fails to do so then the statute provides as to when the capital gains are to be treated as having arisen and in which year they are to be taxed. Learned Counsel for the department has also relied on a decision of Punjab and Haryana High Court in the case of Pawan Kumar Garg v. Commissioner of Income Tax reported in (2009) 311 ITR 397 (P & H) wherein also the Court has held that no benefit under Section ..... X X X X Extracts X X X X X X X X Extracts X X X X
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