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TMI Blog2023 (3) TMI 1157X X X X Extracts X X X X X X X X Extracts X X X X ..... a consideration of ₹.2 crores by executing sale agreement on 09.01.2016 by paying advance of ₹.50 lakhs and the remaining amount of ₹.1.50 crores was paid on the date of registration of sale deed on 04.10.2017, which are not in dispute. The provisions of section 54F of the Act are beneficial provisions and are to be considered liberally in the aspect of limitation period. The investment in residential property is must which the assessee has proved with evidence and complied before the lower authorities. As following case of CIT v. Smt. Umayal Annamalai [ 2020 (7) TMI 630 - MADRAS HIGH COURT] we set aside the order of the ld. CIT(A) and direct the AO to allow the deduction section 54F of the Act to the assessee. Appe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 143(3) of the Act dated 21.12.2016. In the assessment order, the Assessing Officer has noted that the assessee has sold the property in survey No. 98/4A2 at Injambakkam village for a consideration of ₹.60,00,000/- and also claimed sale expenses of ₹.9,220/-. The assessee had also received ₹.2,00,00,000/- for the property of 2.09 acres in survey No. 226/1, 226/2A, 2269B situated in Sembakkam village in Thiruporur panchayat union. The assessee has claimed deduction under section 54F in respect of property purchased for consideration of 2,00,00,000/- on 04.10.2017. After considering the explanations of the assessee against the show- cause notice, the Assessing Officer has denied the claim of deduction under section 54F of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bank before the due date of furnishing of return, which was confirmed by the ld. CIT(A). 6.1 Similar issue was subject matter in appeal before the Hon ble Jurisdictional High Court in the case of CIT v. Smt. Umayal Annamalai (supra), wherein, the Hon ble High Court has observed and held as under: 4. The learned Tribunal, with regard to exemption under Section 54 F(1) of the Act, with respect to capital gains earned by the assessee during the previous year, has given the following finding of facts in paragraph 8 and the relevant portion of paragraph 8 is quoted hereunder: 'The assessee has complied the provisions considering the dates as under:- (i) Date of transfer of original asset: 14.2.2005 (ii) The date of fili ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onstrued the findings and the explanation of the assessee with observation in his order and allowed the deduction u/s.54F of the Act. Therefore, we are not inclined to interfere with the order of Commissioner of Income Tax (Appeals) and dismiss the ground of the Revenue.' 5. Though the Revenue stake involved in the present case is much below the limit of rupees one crore for withdrawal of the appeal by the Revenue, since the present case involved some audit objection because of exemption in the said Circular, the learned counsel for the Revenue press the appeal on merits. 6. However, after hearing both the learned counsel, we are satisfied that the finding of the facts arrived at by the learned Tribunal are perfectly in order ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... with the conditions under section 54F(1) of the Act by purchasing an independent house for a consideration of ₹.2 crores by executing sale agreement on 09.01.2016 by paying advance of ₹.50 lakhs and the remaining amount of ₹.1.50 crores was paid on the date of registration of sale deed on 04.10.2017, which are not in dispute. The provisions of section 54F of the Act are beneficial provisions and are to be considered liberally in the aspect of limitation period. But, the investment in residential property is must which the assessee has proved with evidence and complied before the lower authorities. Under the above facts and circumstances of the case and respectfully following the decision of the Hon ble Jurisdictional High ..... X X X X Extracts X X X X X X X X Extracts X X X X
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