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TMI Blog2019 (1) TMI 1076X X X X Extracts X X X X X X X X Extracts X X X X ..... y the Assessing Officer amounting to Rs. 99,95,500/, which is restricted by the ld. CIT(Appeals) to Rs. 22,01,396/-. 3. The assessee in the present case is an individual, who filed her return of income for the year under consideration on 30.03.2014 declaring total income of Rs. 2,76,690/-. In the said return, long-term capital gain arising from the sale of property was shown by the assessee at Rs. 99,95,500/- and the same was claimed to be exempt under section 54F of the Income Tax Act, 1961 on the basis of the following working:- Sale consideration as per sec. 50C of I.T. Act Rs.1,36,00,000/- Total purchase value of sold property on 20.01.2006 Rs. 21,02,625/- Less: Index value of sold property Rs. 21,02,625.852/497 Rs. 36,04,500/- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gainst the order passed by the Assessing Officer under section 143(3), an appeal was preferred by the assessee before the ld. CIT(Appeals) and after considering the submissions made by the assessee, the ld. CIT(Appeals) allowed the claim of the assessee for deduction under section 54F in respect of investment made in purchase of plot for the construction of residential house by relying on the CBDT Circular No.667 dated 18.10.1993, wherein it was clarified that for claiming the deduction under section 54 and 54F in respect of the residential house to be constructed within the specified period, the cost of such residential house can be taken to include the cost of the plot also. The ld. CIT(Appeals), however, did not find merit in the claim o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n 54F in respect of the cost of construction of the residential property and even the ld. D.R. has not raised any objection for admission of the same, the additional evidence filed by the assessee is admitted. As rightly contended by the ld. D.R., the Assessing Officer is required to give an opportunity to verify the said additional evidence, which is filed by the assessee for the first time before the Tribunal. We accordingly restore this issue to the file of the Assessing Officer for deciding the claim of the assessee for deduction under section 54F in respect of cost of construction of residential house property afresh in the light of the additional evidence filed by the assessee. Grounds No. 1 & 2 of the assessee's appeal are accordingl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d the claim of the assessee for deduction under section 54F to the extent of Rs. 77,94,104/- and after having found that the construction of the house property of the assessee was not completed within the prescribed period, was of the view that the deduction allowed under section 54F was liable to be withdrawn in assessment year 2015-16 in which three years had expired from the date of transfer. He accordingly directed the Assessing Officer to tax the capital gains of Rs. 77,94,104/- in the hands of the assessee for A.Y. 2015 16 by initiating the proceedings under section 147 of the Act. As submitted by the ld. Counsel for the assessee, the said direction given by the ld. CIT(Appeals) for A.Y. 2015-16, which was not in appeal before him whi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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