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2013 (8) TMI 944 - AT - Income TaxBenefit of exemption to the assessee u/s. 54 - Held that:- Under section 54F of the Act, the same conditions as are envisaged u/s. 54(1) of the Act are required to be met for claiming exemption from tax on capital gain on transfer of a certain capital asset. The assessee on sale of shares, derived capital gain and paid part of the consideration to the developer for construction of residential house. The construction could not be completed within a period of three years. The Hon’ble Court took the view that the assessee had made entire payment, but did not get a registered sale deed and the fact that the construction was not fully completed in all respects cannot be a ground to deny the benefit of exemption u/s. 54F of the Act. In the light of the facts and circumstances of the present case and the precedents on the issue, we are of the view that the assessee was entitled to benefit of exemption us. 54(1) of the Act as claimed by the assessee. - Decided in favour of assessee
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