Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2016 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (12) TMI 559 - AT - Income TaxDisallowance of deduction claimed under Section 54 - utilization of capital gain - Held that:- When the assessee advanced a sum of ₹ 83,00,000/- as on 31.07.2011, before the due date for filing of return of income, for a purchase of residential flat to M/s Total Environment Building Systems Pvt. Ltd., this would amount to utilization of capital gain. In the case before us, the admitted capital gain is ₹ 64,84,686/- and what was advanced by the assessee for purchasing the flat is ₹ 83,00,000/-. In view of the above, this Tribunal is of the considered opinion that the assessee, in fact, utilised the capital gain for purchasing the flat before 31.07.2011. Hence, the assessee is entitled for exemption under Section 54 of the Act. This Tribunal is of the considered opinion that the CIT(Appeals) has rightly allowed the claim of the assessee by placing reliance on the judgment of Apex Court in Fibre Boards (P) Ltd. (2015 (8) TMI 482 - SUPREME COURT ).- Decided in favour of assessee
|