Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2014 (1) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (1) TMI 1491 - HC - Income TaxExemption u/s 54F - Held that:- Decision in Shashi Sharma vs. CIT [1996 (3) TMI 65 - MADHYA PRADESH High Court] followed - As per the Central Board of Direct Taxes Circular No. 471 issued dated October 15, 1986 - Section 54 of the Act says that within two years of sale the sass should have constructed the house but it does not mean that the construction should necessarily be complete within two years - If substantial investment was made in the construction of the house, it amounted to sufficient steps being taken, thus satisfying the requirements of section 54 - The Tribunal was not justified in denying exemption under section 54 to the assessee. The assessee made substantial investment for acquisition of flat at Bangalore the total cost of which was Rs.65 lacs and the assessee paid Rs.60 lacs on 6.9.2008 within 8 months from the date of sale of the old asset before the due date of filing of return of income - The new asset (Flat at Bangalore) was made available well before December, 2009 which was sold through a registered sale deed - The assessee cannot be denied benefit u/s 54F - Decided against Revenue.
|