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2014 (8) TMI 1164 - AT - Income TaxDisallowance of claim of exemption u/s 54F - capital gains arising out of sale of long term capital asset - Held that:- We find that the assessee has placed the electricity as well as Internet bill before the CIT(A) and the copies of the property tax receipt were not filed before either of the authorities below. In our opinion, these documents go to prove that the assessee had, in fact, completed the construction within the period of three years from the date of sale of the property. However, in our opinion, these documents have not been verified by the authorities below and therefore, the issue needs to be remitted to the file of the AO for verification of these details filed by the assessee. We remit the issue back to the file of the AO only to examine the veracity and authenticity of the documents filed by the assessee and if the documents are found to be genuine, then the AO is directed to allow exemption u/s 54F of the Act. In the result, the assessee’s appeal is allowed for statistical purposes.
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