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2012 (12) TMI 689 - AT - Income TaxExemption u/s 54F - investment in residential house - period of limitation of 3 years - Long term capital gain - held that:- It is the say of the assessee that the delay in the construction is attributable to the builder and the assessee cannot be penalized for something which is not in his hand. - We do not agree with this contention because as per the entries in the certificate of commencement, the approval was given on 7.9.2010 for 'C' Wing whereas the assessee has filed return on 22.2.2007 claiming full exemption u/s. 54F of the Act, when on that date neither the agreement for sale was entered nor the 'C' wing's 9th floor was approved by the local authority. The assessee has relied upon various judicial decisions claiming that the contiguous units are to be treated as one residential unit. - Exemption denied - Decided against assessee.
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