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[2007] 164 Taxman 382 (Punjab & Haryana)/[2009] 311 ITR 397 (Punjab & Haryana) [2007] 164 TAXMAN 382 (PUNJ. & HAR.) HIGH COURT OF PUNJAB AND HARYANA Pawan Kumar Garg v. Commissioner of Income-tax, Ludhiana* M.M. KUMAR AND AJAY KUMAR MITTAL, JJ. IT APPEAL NO. 265 OF 2007 (O & M) JULY 30, 2007 Section 54F of the Income-tax Act, 1961 - Capital gains - Exemption of, in case of investment in residential house - Assessment year 1998-99 - Assessee earned capital gain on sale/purchase of certain shares and invested same in purchase of a residential plot - He claimed that he had constructed a house thereon and was entitled to deduction under section 54F - Tribunal held that assessee could be entitled to deduction in respect of construction of house property, if it was constructed within a period of three years of transfer of shares; and that assessee had failed to adduce any evidence to justify his claim showing construction of house within period of said three years - Accordingly, Tribunal concluded that onus to prove and to succeed in availing exemption, which was on assessee, was never discharged and, thus, he was not entitled to deduction under section 54F - Whether any question of law arose for consideration of High Court - Held, no Circulars and Notifications : Circular No. 667, dated 18-10-1993 FACTS The assessee had shown long-term capital gain on the sale/purchase of certain shares. He also claimed exemption under section 54F in lieu of the purchase of a residential plot out of said capital gain. The Assessing Officer found that the exemption claimed under section 54F was unwarranted because aforementioned provision could be attracted only if the gain had been invested on the construction of a residential house and not on the purchase of a residential plot. The assessee furnished details regarding construction of the house but the same were not accepted by the Assessing Officer. The claim of the assessee, that he had built up two small rooms which constituted an independent dwelling unit and, therefore, he was entitled to benefit of the Circular No. 667, dated 18-10-1993 issued by the Central Board of Direct Taxes, was also rejected on ground…

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