Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2020 (3) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (3) TMI 1271 - AT - Income TaxClaim of deduction u/s. 54F - proportionate deduction - According to the Ld. counsel, the amount of deduction can be restricted to the amount of capital gain or the cost of new property, whichever is less, only under the provisions of Section 54 and not under Section 54F - HELD THAT:- The entire amount of deduction calculated on proportionate basis is fully eligible to be claimed as deduction from capital gains. As noted that this issue has been considered exactly on identical facts in the case of Humayun Suleman Merchant [2016 (9) TMI 70 - BOMBAY HIGH COURT] Assessing Officer has rightly restricted the disallowance to the extent of investment made by the assessee in purchase of new asset and thus rightly computed the exemption U/S. 54F of the Act, proportionately to the amount invested - no infirmity in the orders of the lower authorities and accordingly uphold the same.
|