Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2016 (8) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (8) TMI 689 - AT - Income TaxFMV as on 01/04/1981 as per the valuation Report of a registered valuer - assessee had calculated indexed cost of acquisition as per the relevant cost inflation index - AO had adopted the cost of acquisition based on the Wealth tax value mentioned in the probate application - Held that:- For computing the LTCG provisions of section 55 of the Act have to be considered and not the Rule 1D, as envisageed by the Wealth tax Act. See Smt. B. Subhadra. Versus Income-Tax Officer [2004 (7) TMI 308 - ITAT HYDERABAD-B ]. Wealth Tax cannot be imported for determining the FMV for LTCG purposes. - Decided in favour of assessee. Exemption u/s. 54F - Held that:- We find that the assessee had invested the entire consideration received on sale of the office premises for purchasing the plot of land and construction of a residential unit. The AO has not contravened both the facts-his only objection was that the unit was not completed within the period of three years of the sale. Here, we would like to refer to the case of Smt. Rajneet Sandhu (2010 (7) TMI 806 - ITAT CHANDIGARH ). In that matter, the Tribunal has held that there was no merit in the plea of Revenue authority that exemption u/s. 54F of the Act can be denied to an assessee on the ground that construction of the house had not been completed. It was further held that the requirement of section 54/54F was that the assessee should have either purchased a residential house being a new asset within a stipulated period or should have constructed a residential unit within 3 years from the date of transfer.
|