Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2019 (7) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (7) TMI 802 - AT - Income TaxDeduction u/s 54 - Purchase of one residential property consisting 3 flats on different floor of the same society and 1 in different location - Scope of amendment via The Finance Act, 2014 substituting the expression ‘a residential house property’ with the words ‘one residential house’ with effect from 01/04/2015 - Profit on sale of property used for residence - flats were acquired under different agreement - HELD THAT:- As decided in M/S. TILOKCHAND AND SONS VERSUS ITO [2019 (4) TMI 713 - MADRAS HIGH COURT] wherein held so long as the same Assessee (HUF) purchased one or more residential houses out of the sale consideration for which the capital gain tax liability is in question in its own name, the same Assessee should be held entitled to the benefit of deduction u/s 54 subject to the purchase or construction being within the stipulated time limit in respect of the plural number of residential houses also. The said provision also envisages an investment in the prescribed securities which to some extent the present Assessee also made and even that was held entitled to deduction from Capital Gains tax liability by the authorities below. Accepting the interpretation of word ‘a’ as occurring in Section 54 as made by Hon’ble Madras High Court in Tilokchand & Sons V/s ITO [supra], we hold that on the facts and circumstances, the assessee would be eligible to claim deduction u/s 54 on all the four residential houses. Condonation of delay of 326 days - concern CA of a CA firm who was handling assessee’s matter, left the organization without handing over the papers - HELD THAT:- Keeping in view the principle of natural justice and ratio of decision of Hon’ble Apex Court in Collector, Land Acquisition Vs. Katiji, [1987 (2) TMI 61 - SUPREME COURT] the bench formed an opinion that the delay deserve to be condoned
|