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2017 (11) TMI 1734 - AT - Income TaxDenial of exemption u/s 54 - non completion of the construction the flat by the builder within the stipulated period - Held that:- In view of the decision of Sambandam Udaykumar [2012 (3) TMI 80 - KARNATAKA HIGH COURT] the assessee cannot be denied exemption u/s 54 to the extent of investment in the new property, even though the construction of the new asset is not completed within the eligible period of 3 years for the date of sale/transfer of the original asset. With respect to the amount invested in construction of the new property before the date of transfer of the original asset, it is well settled law that the amount invested within one year before the date of transfer of the original asset is to be allowed exemption u/s 54 of the Act. From the details of investments for purchase of the new asset as submitted by the assessee, it is stated that the assessee has only invested an amount of ₹ 2,26,82,097/- towards construction of the property. The AO is therefore directed to restrict the exemption allowable to the assessee to the actual amount spent on construction after due verification. Short Credit of TDS - assessee contends that the ld CIT(A) has not disposed off the ground raised for directing the AO to grant the assessee full credit for TDS - Held that:- As submitted that the assessee had claimed TDS credit of ₹ 25,67,776/- in the return of income and the assessee’s grievance is that it has been allowed TDS credit of only ₹ 25,09,137/- by the AO. We, therefore, restore this issue to the file of the AO with direction for examination and verification of the assessee’s claim and to grant the assessee the TDS credit entitled to as per law
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