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TMI Blog2019 (5) TMI 106X X X X Extracts X X X X X X X X Extracts X X X X ..... e has purchased beyond the period as contemplated in section 54F(1). The only failure is, she has not deposited the sale consideration in capital account. This condition has not been considered as mandatory by K. RAMACHANDRA RAO [ 2015 (4) TMI 620 - KARNATAKA HIGH COURT] . Thus allow the appeal of the assessee and direct the AO to grant exemption under section 54F to the assessee. - Decided against revenue - ITA No. 490/Ahd/2017 - - - Dated:- 30-4-2019 - Shri Rajpal Yadav, Judicial Member For the Assessee : Arti N. Shah, AR For the Revenue : Lalit P. Jain, Sr.DR ORDER Assessee is in appeal before the Tribunal against order of the ld.CIT(A)-5, Ahmedabad da ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he allowed the deposits made in the capital account at ₹ 80 lakhs. He made addition of ₹ 8,01,740/-. Appeal to the CIT(A) did not bring any relief to the assessee. 4. The ld.counsel for the assessee compiled certain details in tabular form and it is imperative upon us to take note of these details for adjudication of this issue. It reads as under: Sr.No. Particulars 1. Sale Price (Own share) 90,00,000 2. Date of sale 25/02/2013 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e AO, benefit of section 54F should be available to the assessee, if she had purchased new residential flat within one year before the sale of house or two years after the sale, but in such condition she has to make deposit of consideration/capital gain in a bank account maintained under the capital gains cheme. She failed to make such deposits before the date of filing of return, therefore, she is not entitled for exemption under section 54F. Before me, the ld.counsel for the assessee made reference to the decision of ITAT, Ahmedabad Benches in the case of Ashok Kapasiawala vs. IT), 63 taxamnn.com 284. She has placed on record copy of this order. Division Bench of the ITAT has considered this aspect and after putting reliance upon the deci ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... all attracted and therefore the contention that the assessee has not deposited the amount in the Bank account as stipulated and therefore, he is not entitled to the benefit even though he has invested the money in construction is also not correct. 6.3 In the present case, the assessee purchased new asset on 05/10/2009 and had transferred the original asset on 8/01/2008. As per Section 54F (1) of the Act, the exemption would be available if the assessee purchased the residential house within two years after the date when transfer took place. As per the judgment of Hon'ble Karnataka High Court, the provisions of section 54F(4) would not be attracted in the event if the assessee has purchased or cons ..... X X X X Extracts X X X X X X X X Extracts X X X X
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