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2009 (12) TMI 444 - HC - Income TaxDisallowing the claim of exemption - the assessee is an individual and deriving income from LPG distributorship. For the assessment year 2000-01, the assessee filed his return declaring his income of Rs. 2,25,710. The Assessing Officer, framed the assessment under section 143(3) of the Act at an income of Rs. 7,60,580 while disallowing the claim of exemption of Rs. 4,04,664 under section 54F of the Act. It was held by the Assessing Officer that the assessee was not eligible for the benefit of section 54F of the Act on the amount of repayment of housing loan taken for construction of residential house as the investment on the purchase of new residential house had not been made within the specified time of one year before the date when the long-term capital gains arose. Held that - Since admittedly the tax effect in this appeal is less than Rs. 4 lakhs, therefore, in our opinion, the appeal filed by the Revenue is not maintainable and the same is hereby dismissed with no order as to costs.
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