Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2022 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (2) TMI 330 - AT - Income TaxDeduction u/s 54F - transaction of sale of paintings and investment in residential property - whether sale consideration of art effects has been utilized towards purchase of above property, the capital gain be treated exempt? - CIT(A) deleted the addition - HELD THAT:- As observed by the ld. CIT(A) that on the date of such transfer of capital asset, appellant was not in the possession of any other identical house property and the new residential property was purchased on 08.09.2011 within a year from the date of such transfer of capital asset. After examining the submissions made before him, the ld. CIT(A) has found them to be in order and held that the assessee is entitled to claim exemption u/s. 54F in respect of sale of art effects. Since, the investment in the property (₹ 2.70 Cr.) is more than the amount of sale consideration received (₹ 2.50 Cr), the entire capital gain is eligible for exempt from tax. Since, the facts could not be contradicted before us, considering the facts on record, we hereby decline to interfere with the order of the ld. CIT(A). - Decided against revenue.
|