9911796707
TMI Blog2024 (10) TMI 1564X X X X Extracts X X X X X X X X Extracts X X X X ..... ubmitted that the same was watchman out house, which cannot be considered to be a house. He further submitted that the assessee has started construction of the building thereon subsequently. In any case, in our view, all these facts need to be examined only in the subsequent years and not during the year under consideration. Accordingly, we set aside the order passed by Ld.CIT(A) on this issue and direct the AO to allow deduction u/s. 54F of the Act claimed by the assessee. Appeal filed by the assessee is allowed. - Shri B.R. Baskaran, Accountant Member And Shri Amit Shukla, Judicial Member For the Assessee : Shri Akash Agrawal, CA. For the Revenue : Smt. Kavita Meena, Sr. DR ORDER PER B.R. BASKARAN, A.M : The assessee has filed this appe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s or constructed within three years from the date of transfer of original asset. The AO noticed that the unlisted shares were sold by the assessee on 30-03-2017 and the above said land including building was purchased on 16-08-2019, i.e, beyond the period of two years from the date of transfer of original asset. Accordingly, the AO took the view that the assessee has purchased a new house property beyond the period of two years from the date of sale and hence, the deduction u/s. 54F of the Act cannot be claimed by the assessee. Accordingly, he rejected the claim for deduction u/s. 54F of the Act. 4. In the appellate proceedings, the Ld.CIT(A) confirmed the order passed by the AO. Hence, the assessee filed this appeal before the Tribunal. 5. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hing such return such deposit being made in any case not later than the due date applicable in the case of the 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 Official Gazette, frame in this behalf and such return shall be accompanied by proof of such deposit; and, for the purposes of sub-section (1), the amount, if any, already utilised by the assessee for the purchase or construction of the new asset together with the amount so deposited shall be deemed to be the cost of the new asset: Provided that if the amount deposited under this sub ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the date of transfer of the original asset. 8. Accordingly, we are of the view that the tax authorities are not right in taking into consideration the events that took place in the subsequent years. Accordingly, we are of the view that they are not justified in rejecting the deduction claimed by the assessee u/s 54F of the Act. With regard to the events that took place subsequently, i.e., purchase of land, the Ld.AR disputed the assertion of the AO that the said land consisted of residential building. He submitted that the same was watchman out house, which cannot be considered to be a house. He further submitted that the assessee has started construction of the building thereon subsequently. In any case, in our view, all these facts need ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
