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2016 (2) TMI 568 - AT - Income TaxDeduction u/s.54F - Held that:- Since the assessee had a right in the said property which he released and obtained ₹ 3 crores in lieu of the same, therefore, the gain that has arised is capital gain. The assessee is therefore entitled to get deduction u/s.54F from such capital gain. However, since the lower authorities have not verified the claim of allowability of deduction u/s.54F from such capital gain, therefore, we restore the issue to the file of the AO with a direction to verify the claim of deduction made by the assessee and upon satisfaction allow appropriate relief u/s.54F. The ground raised by the assessee is accordingly allowed for statistical purposes.
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