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2013 (1) TMI 905 - ITAT MUMBAIWhether assessee is entitled to claim deduction u/s. 54F - Sale proceeds of the property and investment of the consideration in a new residential building - whether assessees purchased a residential building or not - Held that:- Assessee claimed that since it was residential bungalow at the time of purchase he is entitled to claim deduction - Merely because it was demolished at a later stage it cannot alter the character of purchase of residential house - demolition of an asset does not amount to transfer since there is no transferee and there is no consideration Held that:- Any extinguishment on account of act of the assessee would amount transfer and the only exception provided therein was the extinguishment on account of act of God - since this aspect was not considered the matter is directed to be reconsidered - Matter remanded back
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