Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2017 (5) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (5) TMI 1096 - AT - Income TaxGranting of deduction u/s.54F - 5 properties which were purchased by the assessee by DRT auction wherein clubbed the same as one property - Held that:- In the present case, the assessee purchased the whole property as a single property by auction by DRT and it cannot be said that all the properties are different properties so as to deny the deduction u/s.54F of the Act. In the present case the Commr. (A) has brought on record, and his findings have not been successfully impugned before us, that while the total area or the plot sold was 2146 sq. yards, the let out structure built in 1960 occupied only 108 sq. yards. Thus, the property sold was substantially self occupied by the assessee and the provisions of s. 54 were rightly relied upon by the assessee before the lower authorities. Lands appurtenant to the buildings within the meaning of s. 54 would be those enjoyed with and occupied with the buildings in question. Considering the location and the various structures on the plot of land and having seen the site plan we are convinced that the entire plot of land could be treated as land appurtenant to the buildings sold by the assessee. The dictionary meaning given to us by the Deptl. Rep. does not really bear out the contention of the Department. Assessee shall be granted with deduction u/s.54F of the Act as the investment in entire property to be considered as a single residential unit, since the consideration received from sale of capital asset was so invested. - Decided against revenue.
|