Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2016 (5) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (5) TMI 101 - AT - Income TaxExemption u/s 54 - CIT(A) allowed the claim - Held that:- We find that in the case of the assessee, the assessee has utilised the entire capital gains within the period of one year but due to certain circumstances beyond the control of the assessee, the construction of the house could not be completed within the specified period. As it is not disputed by the authorities below that the assessee has invested the amount of capital gain for construction of a residential house within the specified period, we do not see any reason to interfere with the order of the learned Commissioner of Income-tax (Appeals) which is inconsonance with the precedents on the issue. - Decided against revenue
|