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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 ..... ing spent the amount under Section 54F of the Act within the extended period of time - Decided against revenue - ITA No. 6101/Del/2016 - - - Dated:- 5-10-2017 - Shri B. P. Jain, Accountant Member Revenue by : Sh. T. Vasanthan, Sr. DR Respondent by : None ORDER Per B. P. Jain, A. M. This appeal of the Revenue arises from the order of the learned CIT(A), Rohtak vide order dated 27.9.2016 for the A.Y. 2011-12. The Revenue has raised the following grounds of appeal as under:- 1. The CIT(A) has erred in deleting the addition of ₹ 50,29,500/- made by the AO by disallowing the claim of exemption u/s 54F of the I.T. Act without appreciating the fact that no bills relating to purchase of material used in construct ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... umentary evidences regarding investment in purchase/construction of property or cash deposited in Capital Gain account scheme. In his reply, the counsel of the assessee submitted that:- In the said assessment year, the assessee has sold his property situated at Ghaziabad on dated 01.11.2010 and earned Capital gain of ₹ 50,29,500/- and assessee has invested ₹ 54,30,000/- inn residential property within a period of three years from the date of transfer, valuation report is herewith attached for kind perusal. Further it is bring to your kind notice that assessee has not deposited the amount in Capital Gain account scheme framed by Central Government Further, he has quoted following case laws in support of his claim that he ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rs of income. (Addition ₹ 50,29,500/-) 2. The learned CIT(A) deleted the additions on the basis of the submissions and representation made by the assessee. 3. None appeared on behalf of the assessee and accordingly I decide the appeal ex parte after hearing the learned DR and after perusing the material available on record. 4. There is no dispute infact that the assessee had invested the capital gain within the time allowed under Section 54F of the Act but he has not deposited the capital gain in the capital gain account scheme framed by the Central Government which is a part of the submission of the assessee before the AO as well as the learned CIT(A). But the AO has not alleged as regards the non deposit of the mone ..... X X X X Extracts X X X X X X X X Extracts X X X X
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