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TMI Blog2017 (10) TMI 1083X X X X Extracts X X X X X X X X Extracts X X X X ..... ial used in construction of residential house at Sonepat and relevant documents as to its proving the ownership of plot were produced during the assessment proceedings before the AO. As such, case laws as relied upon by the assessee are distinguished with the facts of the case. 2. In the quoted case law 2013(4) TMI 499-P&H High Court-CIT, Rohtak Vs. Sh. Jagtar Singh Chawla, the assesee had deposited the utilized consideration of capital gain in a "Flexi General Account" which is a saving as well as Fixed Deposit account. Whereas in the present case, assessee has neither deposited the utilized consideration in any bank account nor invested the same in construction of house within the extended period to file return in terms of sub section ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Gain account scheme but invested in residential property within extended period of limitation is allowed. i. 2013 (4) TMI 499-P & H High Court -CIT, Rohtak vs. Sh. Jagtar Singh Chawla ii. 2015 (12) TMI 704-ITAT Bangalore-Smt. Selvi Venkatasubramani vs. ITO, Ward 9(4) iii. 2015 (4) TMI 620-Karnataka High Court - CIT/DCIT vs. K. Ramachandra Rao Thereafter, the assessee was asked to submit the documentary evidences regarding construction of property i.e bills related to purchase of Material, ownership papers of plot etc. The assessee could not furnish the same during the assessment proceedings except only a valuation report from the valuer in support of his claim, which is just an estimation regarding construction & completion. Mor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as taken note of by the learned CIT(A). The only allegation of the AO was that he has not submitted the bills of the construction of the property. 5. As regards the bills relating to construction of property, the assessee has submitted the valuation report of the approved valuer in which no defect has been pointed out and also the AO has not referred the matter to the DVO. In such circumstances, the report of the registered valuer has to be considered as final and therefore the allegation of the AO becomes ineffective. Moreover, the controversy of not depositing money under capital Gain Account gets resolved once having spent the amount under Section 54F of the Act within the extended period of time in view of the following decision: i. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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