The assessee booked a residential flat under a construction agreement and made substantial payments before execution of the sale deed. The Assessing Officer denied exemption under section 54F by treating the transaction as a purchase completed beyond the prescribed period. The Tribunal held that the assessee had invested the sale proceeds in a property under construction and obtained possession and registration within the statutory period of three years from the date of transfer of the original asset. The transaction was one of construction and not purchase. Accordingly, the exemption under section 54F was allowable.\u00a0 The Assessing Officer treated the difference between the value of the flat shown in Schedule AL and the registered sale consideration as unexplained investment. The Tribunal held that the assessee was not required to maintain books of account and had satisfactorily explained that the difference represented stamp duty, registration charges and other incidental expenses, all paid through banking channels. Since the Revenue neither conducted any enquiry nor disproved the explanation, the addition under section 69B was deleted.\u00a0 (AY. 2017-18).<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 54F: Capital gains-Investment in a residential house-Construction of residential house-Booking of flat under construction-Registration within three years-Exemption allowable-Difference in value of flat disclosed in Schedule AL and registered sale deed-Difference explained-Addition deleted.[S. 45, 69B]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[21],"tags":[],"class_list":["post-63488","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-gw0","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/63488","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=63488"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/63488\/revisions"}],"predecessor-version":[{"id":63489,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/63488\/revisions\/63489"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=63488"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=63488"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=63488"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}