Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2020 (11) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (11) TMI 253 - AT - Income TaxRectification of mistake u/s 254 - Deduction u/s. 54F - capital gain on sale of a property at HSR Layout, Bangalore, which capital gain was invested in purchase of a property at N.R. Colony - As per revenue assessee should not own more than one house, other than the new asset - as per revenue since by the Finance Act, 2014, section 54F was amended by substituting the words “a residential house” with “one residential house” and since the assessment year in this appeal is after the aforesaid amendment, the conclusions drawn by the Tribunal are incorrect and suffers from an apparent mistake - HELD THAT:- We are of the view that there is no mistake, much less an apparent mistake, in the order of the Tribunal. The Tribunal has clearly given a finding that the property at N.R. Colony belonged to one owner, Smt. Janaki Iyengar and as per the Will of Smt. Janaki Iyengar, the Ground Floor of the premises which was numbered as Door No.37 was given to Smt. Janaki’s sister, Dr. M. Vaidehi and the 1st Floor numbered as Door No.37/1 was given to Smt. Janaki’s nephew, Shri P. Ramanuja Chari. Both these owners of Ground Floor and 1st Floor sold the property to the assessee. The Tribunal clearly observed that the entire property constitutes one residential house, but was bifurcated with two Door Nos. for Ground Floor and 1st Floor with common entrance in Ground Floor only to earmark the share of each beneficiary and that otherwise the property constitutes a single property, though it has two different Door Nos. The Tribunal has reached the conclusion that assessee has purchased only one property and not two properties. Tribunal referred to decisions of High Court of Karnataka referred to by the Hon’ble Delhi High Court and those decisions were only purely supportive, but the real conclusion of the Tribunal on facts is that the assessee purchased only one house property - there is no mistake, much less an apparent mistake, in the order of Tribunal. - Decided against revenue.
|