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2017 (4) TMI 117 - AT - Income TaxDisallowance of exemption claimed u/s 54F - construction of new house property has been commenced prior to the date of transfer of original asset - Held that:- We are of the view that the provisions of section 54F does not prescribe any condition as to the date of commencement of construction of new house property. The construction of house property may be commenced before the date of transfer of original asset, however it should be completed within three years after the date of transfer of original asset. In this case, on perusal of the facts available on record, we find that construction of house property has been completed within three years from the date of transfer. Therefore, we are of the view that the assessee is eligible for exemption under section 54F, towards amount invested in construction of house property prior to the date of transfer of original asset. The Commissioner of Income Tax (Appeals) after considering the relevant provisions has rightly deleted additions made by the Assessing Officer. We do not find any error or infirmity in the order of the Commissioner of Income Tax (Appeals), hence, we incline to uphold the order of the Commissioner of Income Tax (Appeals) and dismiss the appeal filed by the Revenue. - Decided in favour of assessee
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