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2016 (6) TMI 1243 - AT - Income TaxClaim of deduction u/s. 54F - Disallowing deduction on account of Long Term Capital Gains as new residential house was not purchased within the time limit prescribed u/s 54 - Held that:- Referring to the case law of V M Dujodwala (1990 (10) TMI 122 - ITAT BOMBAY-D ) coordinate bench of this Tribunal and also Smt. Beena K Jain,[1993 (11) TMI 7 - BOMBAY High Court], we are of the view that the assessee’s claim of deduction u/s. 54 of the Act is to be reckoned from the date of handing over of the possession of the flat by the builder to the assessee i.e. 11.09.2009, and if we take that date, the assessee is entitled to deduction u/s. 54 of the Act because the assessee has sold his residential flat on 24.02.2010. We allow the assessee’s claim and order accordingly.
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