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2014 (1) TMI 1036 - AT - Income TaxDeduction u/s 54F - Held that:- As per the revenue authorities, the assessee has only carried out renovation/ extension of the existing building - The tax authorities have taken the view that the deposit made in Capital gain account scheme for carrying out renovation/ extension of the existing building is not eligible for deduction u/s 54F, since the said section provides for deduction only for either purchase or construction of a new residential house - The submission of the assessee is that he has put up second floor also, besides carrying out finishing works in the existing building - In support of the said submissions, the assessee has filed copies of building permission granted by the competent authority and also copies of approved floor plans, as additional evidences - The materials furnished before us is in total contradiction to the view entertained by the tax authorities. The submissions made by the assessee are in contradiction to the facts as understood by the tax authorities - The assessee has furnished fresh materials before us in the form of additional evidences to support his contentions - These additional evidences are required to be examined by the AO - In view of the contradiction between the parties with regard to the facts relating to the issue, it also requires to be examined afresh - The issue has been restored for fresh adjudication.
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