Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (7) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (7) TMI 1752 - ITAT COCHINEntitled to deduction u/s 54F - investments made in a residential house up to the period mentioned u/s 139(1) or 139(4) - whether the CIT(A) was justified in directing the Assessing Officer to treat 50 cents of land as land appurtenant to the residential house for grant of deduction u/s 54F ? - Held that:- In view of the order of the Cochin Bench of the Tribunal (2018 (7) TMI 1640 - ITAT CHANDIGARH) we hold that the assessee is entitled to deduction u/s 54F of the I. T. Act as regards the investments made in a residential house up to the period mentioned u/s 139(4) of the I. T. Act. This ground of appeal of the Revenue is dismissed. Treat 50 cents of land as land appurtenant to the residential house for the grant of deduction u/s 54F - Held that:- In the instant case, the assessee after selling the original asset on 15. 06. 2007, had purchased land admeasuring 196.14 cents of land for construction of residential house on 15. 06. 2007. The CIT(A) in the first round of litigation had considered only the cost of 5 cents of land entitled to deduction u/s 54F. On further appeal by the assessee, the Tribunal restored the issue to the AO. The Tribunal held that for the convenient enjoyment of the residential house and having regard to the social status of the assessee to the extent of land of 5 cents allowed by the CIT(A) was not reasonable. CIT(A) in the second round of litigation, had considered 50 cents of land as land appurtenant to the residential house while granting deduction u/s 54F. DR in the written submission had agreed that 50 cents of land taken as “land appurtenant thereto” was reasonable. Therefore, this issue raised by the Department is dismissed.
|