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2020 (7) TMI 218 - AT - Income TaxDenying exemption u/s 54 - long term capital gains arising on transfer of residential house - HELD THAT:- Assessee has purchased two residential flats at Andheri bearing flat A-401 and flat B-401, 4th Floor, Brighton Tower Cooperative Housing Society Ltd., Plot No.356, Cross Road No.2, Lokhanwala Complex, Andheri (West), Mumbai and assessee modified both the flats and converted two units as one residential unit. This fact is also mentioned in statement of facts and by the A.O. in the assessment order. The assessee has further sold both the flats through two separate sale deeds. It is an admitted fact that assessee has purchased residential flat at Noida within the permitted time period from the sale of the residential flats. See DCIT vs., Shri Ranjit Vithaldas [2012 (7) TMI 586 - ITAT MUMBAI] - Thus assessee is entitled for exemption under section 54 - Decided in favour of assessee.
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