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TMI Blog2022 (6) TMI 68X X X X Extracts X X X X X X X X Extracts X X X X ..... d not be accepted. Thus, from the aforesaid fact, emerging on record, it is very much clear that though, at the time of assessment proceedings, Assessing Officer was doubtful regarding assessee s claim of investment in the construction of a new house property within the stipulated period of three years, however, after examining the additional evidences filed by the assessee, such doubts have been removed and assessee s claim of construction of new residential house was accepted as genuine - when the Assessing Officer has accepted assessee s claim of construction of new residential house to be genuine, in such circumstances, deduction claimed under Section 54F of the Act has to be allowed. - Decided in favour of assessee. - ITA No. 913/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e, whether the Ld. CIT(A) was justified in accepting the updated photograph of the residential property submitted by the assessee during the appellate proceedings as justification towards completion of construction within the stipulated time period, whereas the AO had also asked for the same during the Assessment proceedings the Assessee failed to provide the same. V. On the facts and circumstances of the case, whether the Ld. CIT(A) was justified in accepting the land records of Patwari to be the proof that property was constructed within the stipulated time period of 3 years, whereas the same provides only for justification towards the claim of agricultural land. VI. On the facts and circumstances of the case, whether the Ld ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... alled upon to furnish proof of construction of residential house on the land purchased, assessee stated that the house shall be constructed within a period of thee years from the date of purchase. Not being satisfied with the submissions of the assessee, Assessing Officer issued a show-cause-notice to the assessee to justify the claim of deduction under Section 54F of the Act by furnishing the following documents: a) Completion certificate of the residential house; b) Bills/vouchers of purchase of material for construction of the said residential house; c) Proof of funds paid for the expenditure; d) Photo proof of construction. 5. In response to the show-cause-notice, assessee furnished further details. Though, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... struction of a new residential house. Accordingly, he allowed assessee s claim of deduction under Section 54F of the Act. 7. We have considered rival submissions and perused the material available on record. 8. A reading of the assessment order makes it abundantly clear that the only reason on which the Assessing Officer disallowed assessee s claim of deduction under Section 54F of the Act is, the capital gain was not invested in purchase/construction of new residential house within the specified period of three years. Even, the grounds raised by the Revenue are also on the very same reasoning. On the contrary, it is the claim of the assessee that investment in purchase of land and construction of the house property was made within th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ional evidence which is not acceptable and opposed strongly under sub clause of Rule 46A as stated above. Therefore, it is requested that the appeal of the assessee may be decided keeping in view the findings of the Assessing Officer and request your kind office to upheld the order and dismiss the assessee s appeal and as per law. 9. Though, in the assessment order, the Assessing Officer has observed that the assessee did not furnish any supporting evidence to demonstrate that the house property was constructed within the stipulated period of three years as provided under Section 54F of the Act, however, in the remand report, a part of which has been reproduced above, the Assessing Officer after verifying the additional evidences has ..... X X X X Extracts X X X X X X X X Extracts X X X X
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