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TMI Blog2024 (7) TMI 1183X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee deposited the unutilised/un-appropriated portion of capital gains made on sale of property in the specified capital gains account before the due date of filing of return u/s 139(1) of the Act and nor has the assessee been able to establish that the construction of the new property was completed by the assessee within the period of 3 years from the date of sale of property as mandated by Section 54F. In addition to the above, CIT(Appeals) has also observed that the assessee has not been able to establish that the assessee did not own more than one property as on the date of the sale of such property, against which exemption u/s 54F of the Act has been sought to be claimed. Appeal of the assessee is dismissed. - Shri Siddhartha Nau ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g the disallowance of exemption under Section 54F of the Act for a sum of Rs. 1,74,62,500/-. The brief fact of the case is that the assessee filed the return of income for the Assessment year (AY) 2015-16 on 31.03.2017 declaring a total income of Rs 25,37,500/-. The case was selected for scrutiny. During the course of assessment proceedings, the AO found that the appellant sold a non-agricultural land bearing T.P. Survey No. 50, F.P. No. 193 Old Survey No. 169/1+2/2 and Survey No. 170/2 situated at Thaltej, Tal Dist. Ahmedabad for total sale consideration of Rs. 8,00,00,000/-. The assessee held 25% share in the property and received a sum of Rs. 2,00,00,000/- as his share of the property from the purchaser. The AO found that the appellant c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bmitted any evidence which shows that the construction of the property was completed within 3 years from the date of sale of the property. The AO also held that the appellant has nor submitted any evidence that he does not own more than one property as on the date of sale of the property. Therefore, the claim of exemption of Rs. 1,74,62,500/- under Section 54F of the Act was not allowed by the AO. 5. In appeal, Ld. CIT(Appeals) dismissed the appeal of the assessee on the ground that the assessee has failed to invest the capital gain on sale of property under consideration either for purchase of new property before the due date of filing of return of income and nor has the assessee deposited the unutilised/unappropriated consideration in spe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... utilize the same within the time prescribed u/s 139(1). Section 54F clearly lays down that the amount which is not utilised by the appellant for the purchase 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 the appellant 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 Official Gazette, frame in this behalf. Therefore, the deposit should not be later ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any of the conditions stipulated in Section 54F of the Act for the claim of exemption with respect to capital gains made on sale of property. Neither has the assessee deposited the unutilised/un-appropriated portion of capital gains made on sale of property in the specified capital gains account before the due date of filing of return under Section 139(1) of the Act and nor has the assessee been able to establish that the construction of the new property was completed by the assessee within the period of 3 years from the date of sale of property as mandated by Section 54F of the Act. In addition to the above, Ld. CIT(Appeals) has also observed that the assessee has not been able to establish that the assessee did not own more than one prope ..... X X X X Extracts X X X X X X X X Extracts X X X X
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