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2016 (10) TMI 884 - ITAT MUMBAIProvisions of sec. 50C applicability - Claim of exemption u/s 54 - Held that:- the sale consideration adopted for the purposes of income tax purposes is more than the stamp duty valuation and hence, in view, the provisions of sec. 50C are not applicable in the instant cases. Accordingly, set aside the orders passed by Ld CIT(A) on this issue and direct the AO not to apply the provisions of sec. 50C in the instant cases. - Decided in favour of the assessee. Entitlement to deduction u/s 54 on the cost of new flat acquired - Held that:- Unable to agree with the view of the Ld CIT(A) that the possession should have been taken within three years. Since the assessees have been considered to have paid entire cost of new flats, they should be allowed deduction u/s 54 of the Act in respect of cost of new flats. See Commissioner Of Income-Tax Versus Mrs. Hilla JB. Wadia [1993 (3) TMI 7 - BOMBAY High Court] and circular No.471 dated 15.10.1986 and Part 2 of Circular No.672 dated 16.3.1993 - Decided in favour of the assessee.
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