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TMI Blog2023 (3) TMI 152X X X X Extracts X X X X X X X X Extracts X X X X ..... therefore, there would be no requirement to deposit the same in capital gains account scheme. Another undisputed fact is that the amount of capital gains earned by the assessee has been utilized towards construction of house property though the new house property has been acquired in the name of the assessee s wife. In our considered opinion, would not jeopardise the claim of the assessee considering the fact that the utilisation of sale proceeds towards construction of house property has not been disputed by AO. We do not find any reason to interfere in the impugned order. Appeal stand dismissed. - ITA No.1781/Chny/2019 - - - Dated:- 1-3-2023 - Hon ble Shri Mahavir Singh, Vice President And Hon ble Shri Manoj Kumar Aggarwal, AM ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssee got permission from his office being a central govt. employee by order dated 19/10/2006 and completed in 2007 March. Whereas the property is claimed to be constructed during the fin. Year 2004-05 relevant to Asst. year 2005-06 thereby claiming deduction u/s 54 frivolously. As is evident, the sole grievance of the revenue is allowance of deduction u/s 54 by Ld. CIT(A). 2. The registry has noted a delay of 07 days in the appeal, the condonation of which has been sought by revenue. Considering the period of delay, the delay is condoned and the appeal is admitted for adjudication on merits. 3. The Sr. DR assailed the impugned order on the ground that the assessee made investment in the name of his wife and secondly, the mandatory ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... me that the construction was started after obtaining the approval. Further, the assessee paid amount of Rs.7 Lacs towards construction and other related activities during the year which was supported by the fact that the electricity connection was obtained during February, 2006 and payment was also made which would show that the construction activities were started well before the approval taken from municipal authorities. The application for approval was made during December, 2005. The approval could be obtained at any time, even after the completion of the construction. 7. The Ld. CIT(A) concurred that what is required is that the new house should have been constructed within the stipulated time limit which was done by the assessee and ..... X X X X Extracts X X X X X X X X Extracts X X X X
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