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2019 (6) TMI 345 - AT - Income TaxExemption u/s. 54F - LTCG on sale of jewellery - investment of full sale consideration received on the sale of jewellery in the purchase of the plot of land - certificate of construction issued by Municipal Corporation, Moradabad submitted afterwards - HELD THAT:- There is no dispute that the assessee has invested the full sale consideration received on the sale of jewellery in the purchase of the plot of land. It is also not in dispute that before the lower authorities the assessee could not adduce any evidence. The certificate from municipal corporation, Moradabad has been furnished for the first time. In the interest of justice restore this issue to the files of the Assessing Officer. The Assessing Officer is directed to verify the certificate of construction issued by Municipal Corporation, Moradabad and decide the issue afresh as per provisions of law, keeping in mind that the cost of investment in land is also part of cost of construction of the residential house to avail the exemption u/s. 54 F Act. Needless to mention the Assessing Officer shall give a reasonable opportunity of being heard to the assessee - Decided in favour of assessee allowed for statistical purpose.
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