9911796707
TMI Blog2019 (6) TMI 1046X X X X Extracts X X X X X X X X Extracts X X X X ..... , the reason for not filing copy of the purchase agreement with the builder against which the payment was made by the assessee was not explained. The assessee is liable to file complete details for claiming any deduction under Income Tax Act, otherwise, such deduction is not allowable. Since there was long delay in construction of property, the assessee made a request dated 18.08.2014 for withdrawal of the amount paid and the entire was refunded to the assessee on 06.02.2015. However, the assessee has not furnished any evidence of payment with the builder with whom the assessee has entered into an agreement for purchase of new flat. Without furnishing payment details, the assessee s claim cannot be entertained. We direct the assessee to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t in this case was reopened and notice under ection 143(2) of the Act dated 18.02.2015 was issued. On perusal of the assessment records, the ld. PCIT passed order under section 263 of the Act on 30.03.2017 after affording opportunity to the assessee on the issue of interest on borrowed capital and claim of deduction allowed under section 54F of the Act. Accordingly, after considering the submissions of the assessee, the Assessing Officer completed the assessment under section 143(3) r.w.s. 263 of the Act by assessing taxable income at ₹.63,71,710/- after disallowing the claim of deduction under section 54F of the Act. On appeal, the ld. CIT(A) confirmed the disallowance. 3. On being aggrieved, the assessee is in appeal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uthorities below. During the previous year relevant to the assessment year 2012-13, the assessee sold a vacant plot at Gurgaon, Haryana for a consideration of ₹.75,00,000/- after reducing the index cost of acquisition [₹.3,77,585/-] the net long term capital gains was arrived at ₹.71,22,415/-. Out of this, long term capital gain, a sum of ₹.59,22,521/- was claimed as deduction under section 54F of the Act towards investment in new flat. Another sum of ₹.15,77,479/- was claimed as deduction under section 54EC of the Act. In support of the purchase of a new flat, the assessee furnished only copy of three receipts dated 07.07.2012 issued by Vascon Engineers Limited towards Negotiation Deposit based on which, ded ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s claim cannot be entertained. In view of these facts and circumstances, we direct the assessee to furnish complete evidence towards payment of the above amount before the Assessing Officer for verification and the details are found to be correct, the assessee can be allowed to claim deduction under section 54F of the Act and otherwise not. Further, the Assessing Officer is also directed to call for explanation from the builder to verify as to what purpose the assessee made payment on 07.07.2012 and subsequently, it was refunded to the assessee on 06.02.2015. Levy of interest under section 234B and 234C of the Act is consequential to the tax liability. 7. In the result, the appeal filed by the assessee is allowed for statis ..... X X X X Extracts X X X X X X X X Extracts X X X X
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