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2018 (1) TMI 1106 - AT - Income TaxExemption deduction u/s.54F - amount paid for booking of flat - Held that:- As decided in case of Shri Satosh P. Malhotra [ 2018 (1) TMI 1065 - ITAT MUMBAI] amount invested in property as well as kept in bank account even though not in the capital gain tax account should be allowed as exemption deduction u/s.54F. Merely not keeping the amount in capital gain tax and keeping the same in the bank account and utilizing the same within the statuary period will not disentitle the assessee for claim of deduction u/s.54F. In the instant case before us, as found that assessee has already paid ₹ 11.43 lakhs for booking of the flat and the remaining payment was made when the builder has got clearance from the competent authority. No reason to disallow ₹ 11.43 lakhs paid by assessee towards booking of flat. Accordingly, AO is directed to allow the same as exempt u/s.54F. - Decided in favour of assessee.
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