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TMI Blog2021 (7) TMI 373X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee s claim of deduction u/s 54. Therefore, these evidences ought to have been admitted. Keeping in view the arguments made before us, we direct Ld. CIT(A) to admit the additional evidences and re-adjudicate the issue of deduction u/s 54 in the light of these evidences as well as factual matrix on record. Assessee appeal allowed for statistical purposes. - I.T.A. No.279/Mum/2019 - - - Dated:- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... /02/2016. While examining assessee s claim of deduction u/s 54, it was noted that the assessee earned Long-Term Capital Gain of ₹ 27.20 Lacs on sale of a flat situated at Khar (W), Mumbai and claimed deduction u/s 54 on account of investment in an under construction flat situated at 701, Gokul Anand Building. The flat at Khar was sold on 16/05/2012. It was submitted by the assessee that new ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uction u/s 54 as claimed by the assessee. 4. During appellate proceedings, the assessee submitted that the booking of Flat No.701 was cancelled and the entire amount was transferred to Flat No.B-1004. Thus no money was received back by the assessee and the conditions of Sec. 54 were duly fulfilled. The assessee also sought admission of additional evidences in the shape of allotment letter dated ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ee in accordance with the requirements of Sec.54. Reliance has been placed on various judicial pronouncements to submit that Sec.54 was beneficial provisions to encourage investment in housing sector. The Ld. Sr. Counsel also pleaded that even new property at Gokul Valley was purchased by 15/05/2014 which is within stipulated period. The Ld. DR, on the other hand, submitted that the onus to to dem ..... X X X X Extracts X X X X X X X X Extracts X X X X
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