Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2021 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (1) TMI 204 - AT - Income TaxDeduction u/s 54F - CIT- A restricted claim of deduction and held as regards the payment of registration charges paid amounting the assessee has not produced any proof - CIT(A) held that unutilized amount which was not deposited in the capital gains account would not be entitled to exemption u/s 54F - HELD THAT:- In the light of the judgments of CIT v. Sri.K.Ramachandra Rao [2015 (4) TMI 620 - KARNATAKA HIGH COURT] and Sambandam Udaykumar [2012 (3) TMI 80 - KARNATAKA HIGH COURT] it is clear that the assessee would be entitled to exemption u/s 54F of the I.T.Act with regard to utilization of sale proceeds for the purpose of construction of a residential property within a period of three years from the date of sale of old asset. In the instant case there is no clarity as regards the date of utilization of the amounts apart from ₹ 1,75,83,000. It is also not clear when the assessee had incurred the expenditure of ₹ 10 lakh for registration of the property. The matter needs to be examined by the Assessing Officer. The assessee shall be entitled to exemption u/s 54F of the I.T.Act with regard to utilization of the sale proceeds which are within three years from the date of sale of original asset, in the light of the dictum laid down by the above judicial pronouncements - Appeal filed by the assessee is allowed for statistical purposes.
|