Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (11) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (11) TMI 1168 - AT - Income TaxCharging of interest u/s 234A and 234B - Held that:- The charging of interest is consequential and mandatory and the AO has no discretion in the matter. This principle has been upheld by the Hon’ble Apex Court in the case of Anjum H. Ghaswala [2001 (10) TMI 4 - SUPREME COURT] and therefore uphold the AO’s action in charging the said interest. The AO is, however, directed to re-compute the interest chargeable u/s 234A and 234B Claim of Exemption u/s 54F - 3 residential units received by the assessee in lieu of entering into a JDA with the same developer M/s. Chamundi Builders - Held that:- Respectfully following the decisions of the Hon’ble Karnataka High Court in the case of CIT Vs. Smt. K. G. Rukminiamma (2010 (8) TMI 482 - KARNATAKA HIGH COURT) and CIT Vs. V. R. Karpagam (2014 (8) TMI 899 - MADRAS HIGH COURT) and other judicial pronouncements referred to above, I am of the considered opinion that the assessee in the case on hand is eligible to be allowed for exemption u/s 54F of the Act in respect of multiple facts, i.e., the 3 flats in the same apartment building received by him upon entering into the JDA on 14.12.2005 with M/s. Chamundi Builders. The AO is accordingly directed. Consequently, ground No. 4 of the assessee’s appeal is allowed.
|