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2019 (8) TMI 14 - MADRAS HIGH COURTLow tax effect - monetary limit - deduction u/s 54F for the entire value of the commercial building constructed - Whether ITAT is right in law in directing the AO to grant the benefit of deduction u/s 54F of the Income Tax Act without adjudicating on the grounds taken by the Revenue in respect of allowance of the deduction on the value of land? - appellant submitted that in the event it is found that these appeals are not hit by the monetary limit of the circular, the Revenue should be permitted to restore these appeals - HELD THAT:- The submission made by the learned counsel for the appellant is accepted and liberty is granted to the appellant to restore the appeals, in the event they found out that these appeals are not hit by the monetary limit in the circular. For such liberty, if applications are filed for restoration, the Registry is directed to list those applications along with the appeals without insisting upon any applications for condonation of delay or for such other matters. Consequently, the substantial questions of law are left open. No costs. Consequently, the connected miscellaneous petition is closed.
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