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2016 (9) TMI 949 - AT - Income TaxDeduction u/s.54 or 54F - Held that:- In view of the said circumstances for the purpose of deduction u/s.54 or 54F of the Act, the land appurtenant on constructed house is liable to be considered for exemption. Therefore, in view of the said circumstances the purchase value of the house to the tune of ₹ 30,29,296/- is liable to be considered to the extent of the share of the assessee, therefore, we set aside the order of the CIT(A) on this issue and direct the Assessing Officer to reassess the deduction u/s.54 or 54F of the Act in view of the circular no.667 dated 18.10.1993 in accordance with law. - Decided in favour of assessee.
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