9911796707
TMI Blog2022 (2) TMI 1056X X X X Extracts X X X X X X X X Extracts X X X X ..... aded in the instant appeal challenges correctness of the CIT(A)'s action upholding assessment findings disallowing his Section 54F deduction claim as under: "7.8 I have carefully considered the assessee's contentions, and examined the same in the light of the facts and circumstances of the case. At the outset, it Is an admitted fact that the assessee did not purchase or construct any new residential house, but claimed to have acquired residential house by way of a gift deed, that too, 3/4th share of the property owned by the assessee's spouse. 7.9 Also, it is an admitted fact that the said gift deed was registered on 21.03.2012 i.e., during the FY 2011-12 relevant to the AY. 2012-13. However, it is the contention of the asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... isition of property under a gift. 7.12 On the other hand, it is contended 'by the assessee that he had developed the gifted property through a contractor Sri Kota Ramakrishna. However, as clearly brought out in the assessment order, neither the assessee nor the contractor could prove the genuineness of the transactions between them supported by direct evidence or corroborative evidence that the contractor had incurred expenditure towards development I renovation of the gifted property. 7.13 To be precise; there is no evidence on record' in support of entering into any contract agreement between the parties. Similarly, contractor Sri Kota Ramakrishna has failed to produce the books of account and bills and vouchers in support of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... c. 54F of the Act, the assessee is not entitled to claim exemption with regard to the property received under a gift, wherein there is no cost incurred by the assessee so as to claim the reinvestment of net consideration. 2) As explained elsewhere in this order, in order to claim exemption u/s. 54F of the Act, it is mandatory either to utilize the net consideration towards acquisition of new residential house or deposit the same in the Capital Gains Account Scheme on or before the due date for filing the return of income U/s. 139(1) of the Act. However, in the instant case, it is an admitted fact that the assessee neither utilized the same nor deposited in the Capital Gains Account Scheme. 3) The assessee has failed to adduce credible m ..... X X X X Extracts X X X X X X X X Extracts X X X X
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