Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2021 (10) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (10) TMI 169 - HC - Income TaxDenying the exemption u/s 54F - whether the appellant has not acquired a property, and the transaction was mere paper transaction? - HELD THAT:- From perusal of Section 54F of the Act, it is evident that if the assessee within a period of one year before or two years after the date on which transfer took place, purchases, or has within a period of three years after that date constructs a residential house, the assessee is entitled to the benefit of Section 54F of the Act. Section 54F of the Act is a beneficial provision, which has been enacted with an object to promote investment on housing and to enable the assessee to save tax on capital gains. In the instant case, admittedly, the assessee within one year before the date of transfer i.e., on 24.02.2007 has purchased along with other co-owners a property and had sold the capital asset on 24.10.2007. From close scrutiny of the order passed by the tribunal, it is evident that the tribunal while deciding the appeal preferred by the revenue has adjudicated only grounds 2 and 3 and has not adjudicated the ground with regard to the claim of assessee under Section 54F of the Act in the light of law laid down by Delhi High Court in 'CIT VS. GITA DUGGAL' [2013 (3) TMI 101 - DELHI HIGH COURT]. The tribunal has failed to adjudicate the grounds raised by the assessee in her appeal. - Matter restored back to ITAT.
|