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2011 (5) TMI 164 - AT - Income TaxDeduction u/s 54F - assessee has transferred his ancestral agricultural land on 31-3-2005 to MTCDC and simultaneously the receivable amount was adjusted towards bungalow which included plot Nos. 37 to 43 totalling to 17,336 sq.ft. including bungalow on plot No. 37 - There is no occasion for depositing the amount in question as it was not received by the assessee at any point of time - provisions of sub-section (4) of section 54F of the Act specifically requires that the amount of net consideration not appropriated towards purchase/construction of residential house be deposited in the specified account before the due date for filing of return under section 139(1) of the Act - the whole amount has been adjusted by the company for new house against the sale consideration - assessee has substantial domain over the new residential house - Decided in the favour of assessee
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