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2021 (11) TMI 79 - AT - Income TaxDeduction u/s 54F - Denial of deduction assessee was owner of multiple houses as on date of purchase of new asset - assessee owned 6 residential units and that effective ownership was held by assessee - scope of amendment - HELD THAT:- As perused the joint development agreement wherein, the sale consideration determined as against the transfer of right title and interest in the land by assessee for the purposes of development was 42% of the constructed premises being 24 residential units. In the Assessment Year under consideration, assessee is owner of 6 flats that are unsold under the JDA. No infirmity in the view taken by the Ld.CIT(A) that assessee owned multiple flats as on date of purchase of new asset. The relevant assessment year being 2013-14, the amendment would be applicable to the present facts and assessee won’t be entitled to the benefit u/s. 54F. - Decided against assessee.
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