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2017 (3) TMI 1778 - ITAT MUMBAIDeduction u/s.54 - deduction allowable based on the investment of LTCG - HELD THAT:- Claim of deduction is allowable based on the investment of LTCG and not based on completeness of the asset in question. While the payment of the gains to the builder is in the hand of the assessee, the completeness of construction and the if any is attributable to the builder. In view of the above said facts and circumstances and in view of the above mentioned law, we are of the view that the CIT(A) has wrongly confirmed the addition which is liable to be treated as Long Term Capital Gain and entitled to be exempted u/s.54 of the Act. The Assessing Officer is directed to re-compute the assessment by allowing the addition as exempt as Long Term Capital Gain. Accordingly, this issue is decided in favour of the assessee against the revenue.
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