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2019 (2) TMI 515 - AT - Income TaxExemption u/s 54 denied - assessee has purchased and sold three flats by three separate agreements for flat No.701, 702 & 703 at Glen Eagle and thereafter converted them into one - Held that:- CIT(A) has given a detailed finding and passed a very reasoned order after following the Hon’ble Bombay High Court on this issue. No reason to deviate from the conclusion drawn by CIT(A) and accordingly the order of Ld. CIT(A) is upheld as assessee was using all three flats as a compact unit and has only one electricity bill for all three flats. The issue is covered by the decision of the Hon’ble Bombay High Court in the case of CIT vs. DevdasNaik [2014 (7) TMI 173 - BOMBAY HIGH COURT] as relied by the Ld. CIT(A). We, therefore, uphold the order of CIT(A) by dismissing the appeal of the Revenue.
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