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2018 (6) TMI 152 - AT - Income TaxDisallowance of exemption u/s 54F on sale of second flat against the investment in new flat - Held that:- Assessee made investments in two new residential flats for commercial reasons as there was no justification brought on record by the assessee for making investments in two different flats located at different locations - following the judgement in case of INCOME-TAX OFFICER, WARD 19 (3) -4, MUMBAI. VERSUS MS. SUSHILA M. JHAVERI. [2007 (4) TMI 289 - ITAT BOMBAY-I] we are of view that under such circumstances no exemption can be allowed u/s 54 for making investment in the second flat - thus appeal of the assessee lacks merit and hence dismissed.
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