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2015 (10) TMI 1082 - AT - Income TaxComputation of sales consideration - determination of capital gain - expenditure incurred towards the transfer of property - settlement of claims of tenants/occupants u/s. 48 - Held that:- This is a well settled law that while determining capital gains both additions as well as deduction from the apparent value have to be given effect. In the present case, the assessee has not placed any document on record to substantiate the expenditure incurred towards the transfer of property in question. So far as ₹ 1.25 Crores allegedly utilized for payment to tenants/occupants of building is concerned, no evidence, whatsoever has been furnished by assessee except self serving affidavits and Deed of Rectification. Moreover, a perusal of Development agreement and Sale Deed would show that the liability to settle the claim of the tenants/occupants of building is of the developer/purchaser and not that of the assessee or the other co-owners. - Decided in favour of revenue. Claim of exemption u/s. 54 denied - Revenue has assailed the findings of Commissioner of Income Tax (Appeals) in allowing exemption u/s. 54 in respect of two residential houses - AR of the assessee has stated that expression ‘a residential house’ does not mean one residential house - Held that:- The Tribunal has been consistently taking a view that ‘a residential house’ does not mean one residential house. The expression ‘a residential house’ used in the section 54 does not restrict the exemption for investment in one residential house. This issue has been decided by the Co-ordinate Bench of Tribunal in the case of Shri Narsing Gopal Patil Vs. Asst. Commissioner of Income (2013 (5) TMI 837 - ITAT PUNE). In this view of the matter, we do not find any justification on the part of the Revenue to deny exemption under Section 54F of the Act merely on the ground that the residential building constructed by the assessee consisted of several independent residential units. Assessee is eligible to claim benefit of section 54 on both the flats in the same building.- Decided against revenue.
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