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2015 (8) TMI 463 - HC - Income TaxEntitlement to deduction under section 54 - assessee had failed to construct her house within the stipulated period of three years - ITAT allowed claim - Held that:- In order to get the benefit of section 54 of the Act, it does not appear that in case of purchase of the property with sale proceeds it has to be reckoned within three years, in case of construction of new building utilising sale proceeds, the construction has to be completed within a period of three years of the sale. In this case, question of registration of document does not arise and it is a question of investment in construction of the new building. When it was found on fact that construction was completed within three years of sale of the property, the benefit would automatically follow. Decided in favour of assesse.
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