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2012 (7) TMI 460 - AT - Income TaxLong term capital gain - exemption / deduction u/s 54 - Alternate claim out of two investment in residential properties - for construction of a residential property and for an apartment - due to reasons beyond the control of the builder, the construction would not be completed before the time limit to construct a residential house - assessee had taken the possession of the immovabale property at Park View Apartments within three years from the date of sale of the residential property - in the case of ACIT vs. Smt. Sapna Dimri, the exemption u/s 54 of the Act has been allowed under almost similar circumstances in favour of the assessee while following various precedent - decided in favor of assessee.
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