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TMI Blog2018 (3) TMI 1791X X X X Extracts X X X X X X X X Extracts X X X X ..... his proposition is fortified by the decision of various Judicial forum enumerated herein below. The Delhi Bench of the Tribunal in the case Mahavir Prasad Gupta Vs. JCIT [ 2005 (10) TMI 231 - ITAT DELHI-G] has held that the use of the property is not a relevant criteria to consider the eligibility for claiming benefit U/s.54F of the Act. The only criterion is whether the assessee has constructed / purchased a residential house with in the stipulated period mentioned in the Act. Also see SHRI SHYAMLAL TANDON VERSUS INCOME TAX OFFICER, WARD 7(4), HYDERABAD [ 2014 (4) TMI 867 - ITAT HYDERABAD] Thus we hereby direct the Ld.AO to grant the benefit of deduction U/s. 54 of the Act to the assessee for the entire value of the building constr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ading business, filed his return of income for the assessment year 2013- 14 on 31.03.2015 electronically admitting total income of ₹ 43,05,990/-. Initially the return was processed U/s.143(1) of the Act and subsequently the case was selected for scrutiny under CASS. Finally assessment order was passed U/s.143(3) of the Act on 31.03.2016 wherein the Ld.AO computed the Long Term Capital Gain of the assessee at ₹ 2,29,14,340/- by granting deduction U/s.54F of the Act to the extent of the value of the building used for residential purpose and by excluding the value of the building used for commercial purpose which works out to ₹ 82,75,000/-. 4. On appeal, the Ld.CIT(A) further analyzing the issue observed that th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by denying the benefit of deduction U/s. 54F of the Act may be deleted. The Ld.DR on the other hand vehemently argued in support of the order of the Ld.AO and prayed for sustaining the same. 7. We have heard the rival submissions and carefully perused the materials on record. On the plain reading of the provisions of Section 54F of the Act, we do not find any bar on the assessee as how he has to put to use the new residential property constructed / purchased by him for claiming the benefit of deduction U/s.54F of the Act. Section 54F of the Act only stipulates that the assessee should have constructed / purchased a residential house within the stipulated time in order to claim the benefit of deduction. This proposition is for ..... X X X X Extracts X X X X X X X X Extracts X X X X
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