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2012 (11) TMI 907 - AT - Income TaxDeduction u/s 54F - investment in old house property - dis-allowance on ground that assessee has not constructed the new residential building within the stipulated time and it is in semi finished condition - Held that:- Assessee having constructed the building and invested the capital gain, the assessee is entitled for deduction u/s. 54F if other conditions stipulated in Section 54F are satisfied. Other objection of the AO that the amount of capital gain is invested in capital gain deposit scheme as prescribed u/s 54(2), assessee submitted that the assessee originally given advance to purchase the flat and it was not materialised. The assessee took back the advance and started construction of a building but the assessee's return of income was not accompanied by any evidence in support of this claim. Being so, AO is directed to examine the fact whether the amount so paid is for acquisition of flat or not and decide the issue in the light of the order of Tribunal in the case of Jagan Nath Singh Lodha (2004 (6) TMI 309 - ITAT JODHPUR) - Appeal of the assessee is partly allowed for statistical purposes
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