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2014 (3) TMI 26 - AT - Income TaxAllowability of deduction u/s 54F of the Act – Held that:- The CIT(A) while allowing this deduction has given a finding that Assessee had executed sale deed for sale of land at Jayendra Park Housing Society on 26.03.2007 for Rs. 60 lacs and the transfer as per definition u/s. 2(47) and Section 45 of the Act was 26.03.2007 - the payments aggregating Rs. 17.50 lacs made during the period 27.03.2006 to 13.10.2006 is also eligible for deduction u/s 54F as the condition of one year before and two years after the sale is duly complied with - the investment during the period 26.03.2006 to 26.03.2009 is eligible for deduction u/s. 54F - Relying upon CIT vs. J.R. Subramanya Bhat [1986 (6) TMI 7 - KARNATAKA High Court] - it was immaterial that the construction of the new building was started before the sale of the old building - Revenue could not bring any contrary material on record to controvert the findings of CIT(A) – thus, there is no reason to interfere with the order of CIT(A) – Decided against Revenue.
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