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2014 (7) TMI 988 - AT - Income TaxDeduction u/s 54F – Computation of total income – Compensation of land building from National Highway Securities - Held that:- The AO has allowed deduction on account of cost of acquisition of land and no deduction u/s.54F was given on the amount invested in construction of residential house - The compensation money received by him along with the loan amount was invested in the same building and when he constructed the house, there was no provision of plant and estimate - assessee has constructed the house which is evident from the copy of certificate of valuation by Municipal Engineer and moreover, assessee has requested the AO to call for the Engineer, who has given the certificate - AO has not called any information from the Municipality and he has disallowed the claim - the burden was shifted upon the AO to verify the genuineness of the certificate, which he has not done - no further opportunity may be given to the AO and the claim of the assessee u/s.54F of the Act is allowed – Decided in favour of Assessee.
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