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2014 (6) TMI 399 - AT - Income TaxComputation of capital gain Sale of land - Relief u/s 54F of the Act Held that:- Shri G.Sudhakar Rao has also submitted details of the payments made on various dates and also copies of the relevant extracts of bank statements - the CIT(A) directed the AO to adopt a sum as the sale consideration while computing the capital gains from the sale of the land by the assessee - In the absence of any material to the contrary brought on record by the Revenue, to contradict the above finding of the CIT(A), there was no justification to interfere with the order of the CIT(A). Any precondition cannot be suggested that construction of the new residential house must commence after sale of the original asset - The only condition imposed is that it is to be completed within three years from the date of sale of original asset Relying upon Commissioner Of Income-Tax Versus JR. Subramanya Bhat [1986 (6) TMI 7 - KARNATAKA High Court] - the date of commencement of construction of the new property has preceded the date of sale of the asset giving rise to capital gains computed there was no justification to interfere with the order of the CIT(A) on this aspect also Decided against Revenue.
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