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2016 (8) TMI 819 - AT - Income TaxEntitlement to exemption claimed u/s 54 - CIT(A) allowed the claim - Held that:- As the assessee infact using one residential unit consisting of four flats and therefore, on sale of such residential unit, the LTCG from the sale of residential unit of flat no. 1201A in “Evita” building was eligible for exemption u/s 54 of the Act in purchasing the residential unit (3 flats) 2203A, 2203B, 2203C & 2203D in “Richmond”. Thus, we do not find any illegality or infirmity in the order passed by the CIT(A), hence, this Ground of appeal raised by the Revenue is dismissed. - Decided in favour of assessee. Addition on account of cessation of liability of unsecured loan - CIT(A) allowed the claim - Held that:- CIT(A) after appreciating the fact of the case rightly come to the conclusion that assessee was not having trading liability u/s 41(1) of the Act. The unsecured loan was given by the close relative and the same is duly qualified as relative as per clause (v) of sub-section (2) of section 56 of the Act. Thus, we hold that the order of CIT(A) does not suffer from any illegality or infirmity, thus this Ground of appeal raised by Revenue has also no force and the same is dismissed.- Decided in favour of assessee.
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