2017 (9) TMI 1701 - HC - Income Tax

Addition on account of long term capital gain - disallowing the claim u/s 54F as the assessee was having more than one residential house as on date of transfer of the original asset - as contended that the two other properties were never in possession. The title of the property transferred only on execution of an agreement - Held that:- In our considered opinion, merely an agreement or booking of flat is not the property ownership, it is only a claim over the property.

The view taken by the tribunal in deleting the addition made on account of long term capital gain by disallowing the claim u/s 54F is just and proper - Decided in favour of the assessee and against the department.