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TMI Blog2021 (12) TMI 535X X X X Extracts X X X X X X X X Extracts X X X X ..... f convenience, a common order is being passed. 4. Firstly we take quantum appeal being ITA No. 435/JP/2019 for the A.Y. 2010-11. In this appeal, the assessee has raised following grounds of appeal: " 1. That the Learned Assessing Authority ITO Ward 4(2), Jaipur have passed the order U/s 143(3) on Dt 15/12/2017 considered for Calculating Capital Gain U/s 54 of Income Tax Act in which AO considered only amount of Rs. 350000/- withdrawn from bank and did not considered the rest of the payment amount Rs. 261250/- stating that no details for the payment was produced. Sale Deed of Plot No. C-64 (South Part) 4-C, Scheme Macheda, Sikar Road, Jaipur indicating the receipt of cash amount was already produced during the Assessment proceedings and w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... situated at C-64 (South Part) 4-C, Macheda, Sikar Road, Jaipur on 28/10/2009 for Rs. 971000/- and the details of receipt of sale consideration are as under:- S. No. Amount (Rs. Remarks 1. 21000/- Advance received in cash 2. 400000/- Cheque No. 624912 dated 28/10/2009 3. 230000/- Cheque No. 501201 Dt 28/10/2009 4. 320000/- Cash at the time of registry Total 971000/- We noticed that after sale of property, the assessee invested Rs. 6,11,250/- [Rs. 350000/- was withdrawn from Bank Account on 03/11/2009 and rest Rs. 261250/- was paid out of amount received from selling of residential property (i.e. 320000/- cash received at the time of Registry) for construction of House Property situated at C-502, 4C Schem ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Tax Act is as under:- i) The benefit of section 54 is available only to an individual or HUF. ii) The asset transferred should be a long-term capital asset, being a residential house property. iii) Within a period of one year before or two years after the date of - transfer of old house, the -taxpayer should - acquire- another residential house or should construct a residential house within a period of three years from the date of transfer of the old house. In case of compulsory acquisition the period of acquisition or construction will be determined from the date of receipt of compensation (whether original or additional). Section 22 of Income Tax Act defines income from house property as the annual value of property consisting of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ter the date of - transfer of old house, the -taxpayer should - acquire- another residential house or should construct a residential house within a period of three years from the date of transfer of the old house. In case of compulsory acquisition the period of acquisition or construction will be determined from the date of receipt of compensation (whether original or additional). In the present case, the sale deed was executed on 28/10/2009 and the construction was started within one year from the date of sell. Therefore, considering the totality of facts and circumstances of the case, the assessee is entitled to get benefit of deduction of Rs. 6,11,250/- U/s 54 of the Act and we allow the claim of Rs. 6,11,250/- U/s 54 of the Act to the a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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