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TMI Blog2019 (1) TMI 1454X X X X Extracts X X X X X X X X Extracts X X X X ..... and submitted that the delay is not intentional and therefore, prayed that the delay of 60 days be condoned. Ld. DR did not seriously object to the prayer of condonation. On the issue of condonation of delay of appeal, we have gone through the sworn in affidavit filed by assessee and heard the Ld. DR. After considering the reasons stated in the affidavit we are of the view that the delay in filing the appeal has been satisfactorily explained. In view of these facts, delay in filing the appeal is condoned and appeal is admitted for hearing. 3. On perusal of the grounds of appeal, it is observed that the assessee has raised both, the legal grounds as well as ground on merits. However, at the time of hearing, the legal grounds raised by asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... provisions of section 50C of the Act. The Assessing Officer did not allow claim of exemption on the ground that though completion certificate was by the Government registered contractor and consulting engineer, the completion certificate from municipal council had not been produced. The Assessing Officer, accordingly, computed long term capital gain at Rs. 57,04,400/-. 5. The arguments before the First Appellate Authority by assessee was that the entire sale consideration that has been received has been utilized for the construction of the house and that Inspector of the Department has examined and verified the place and have submitted the concerned report. Therefore, deduction in accordance with section 54F of the Act which is net conside ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . We have perused the case record and heard the rival contentions. We find that there is no dispute to the fact that one capital asset was sold and thereafter, new house was constructed. That both the Revenue Authorities in their respective orders have agreed that the Inspector had visited the site and has reported that residential house has been constructed consisting of 6 RCC rooms on the ground floor. That without negating this report, Revenue Authorities have simply rejected the claim of deduction u/s.54F of the Act so far as the assessee is concerned. Moreover, neither Assessing Officer nor CIT(Appeals) has conducted any specific enquiry to demonstrate that the construction of the new house was from any other source other than the net ..... X X X X Extracts X X X X X X X X Extracts X X X X
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