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2016 (6) TMI 643 - HC - Income TaxEntitlement for exemption under section 54F - assessee has re-invested entire capital gains by making payment in full to the builder and builder has not handed over the possession within the time limit prescribed under section 54F - Held that:- The issue is already covered by the decision of this Court in case of CIT vs. Sambandham Udayakumar [2012 (3) TMI 80 - KARNATAKA HIGH COURT ] wherein held that the essence of the said provision is whether the assessee who received capital gains has invested in a residential house. Once it is demonstrated that the consideration received on transfer has been invested either in purchasing a residential house or in construction of a residential house even though the transactions are not complete in all respects and as requited under the law, that would not disentitle the assessee from the said benefit. - Decided in favour of assessee
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