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TMI Blog2009 (8) TMI 33X X X X Extracts X X X X X X X X Extracts X X X X ..... own convenience before the authorities. While before the CIT(A) the stand which was taken was that of purchase of a flat, the stand which was taken up before the I.T.A.T by the assessee was that of a construction of a house within three years of sale of agricultural land. Before this court, once again the stand which has been taken up was of purchase and not of construction within three years of the sale agricultural land. – Benefit of section 54F denied. X X X X Extracts X X X X X X X X Extracts X X X X ..... et made within one year before the date on which the transfer of the original asset took place, or which is not utilised by him for the purpose or construction of the new asset before the date of furnishing the return of income under Section 139, shall be deposited by him before furnishing such return [such deposit being made in any case not later than the due date applicable in the case of assessee for furnishing the return of income under sub-section (1) of Section 139] in an account in any such bank or institution as may be specified in, and utilised in accordance with, any scheme which the Central Government may, by notification in the Office Gazette, frame in this behalf and such return shall be accompanied by proof of such deposit... ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ciety of Rs.6,41,014/- till 28.7.1995. The following sums were already paid from 1988 to 31.3.1995 as under:- YEAR AMOUNT(Rs) 88-89 18,125.00 90-91 45,000.00 92-93 90,000.00 93-94 2,01,311.80 94-95 2,32,577.00 95-96 1,06,825.00 96-97 4,370.00 97-98 50,000.00 98-99 1,00,000.00 99-00 1,325.44 8,49,534.24 Thus, most of the payment was already made before one year of the sale of the agricultural land in September, 1995. (iv) The amount invested for the purpose of purchasing the flat was not the entire amount of the capital gain of Rs.9,67,412/- but only an amount of Rs.6,41,014/- till 28.7.1995. (v) The balance amount of the capital gain was not deposited in the specified account in terms of sub-section 4 of Section 5 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r the sale of the agricultural land. If we look at the ownership from the point of view of an allotment letter as draw of lots, then the allotment letter or the draw of lots is only in September/October, 1998 i.e., after two years of the sale of the agricultural land. We may note that, and as already stated above, before the I.T.A.T, the assessee took up a stand of his having constructed the flat within three years of the sale of the agricultural land relying upon a circular of CBDT which gave benefit of Section 54-F to an allottee of a DDA flat. The scheme of the DDA which was approved by the CBDT was on the basis that the allotment letter is issued and when payment of the first instalment of the cost of construction is made then such allo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Shri Vipin Malik. Before us, the learned DR has strongly supported and substantiated this ground given by the AO for disallowing the claim of the assessee for deduction u/s 54F by referring to the various certificates and receipts issued by the said society wherein the names of individuals were appearing without any indication of HUF. The learned counsel for the assessee, on the other hand, has relied on the possession certificate issued by the society on 30.4.2000 wherein both the individual names were appearing with Shri Vipin Malik being mentioned as Karta of M/s Vipin Malik, HUF. He has also contended that Smt. Chanan Devi Sachdeva being the oldest member of the assessee-HUF, her name was given as member for the sake of convenience. Aft ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at the membership was stated to be held jointly by the said individuals without there being any indication of HUF. The only document which contains the name of HUF with reference to Shri Vipin Malik as Karta of HUF is a possession certificate issued by the society on 30.4.2000 and a perusal of the copy of the said certificate placed at page No.16 of the assessee's paper book shows that the words "(KARTA), M/S VIPIN MALIK-HUF" are written in capital letters against the name of Shri Vipin Malik which appears in small letters. Even the manner in which the said words are written in the said certificate shows that the same are apparently added/inserted afterwards. Having regard to this patent anomaly apparent from the said certificate as well as ..... X X X X Extracts X X X X X X X X Extracts X X X X
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