Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (8) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (8) TMI 1051 - AT - Income TaxRectification of mistake u/s 254(2) - Exemption u/s 54 - long term capital gains (LTCG) - investment in residential property - assessee had actually effected a purchase of a flat of which construction was in progress - Held that:- The date of transfer of the asset giving rise to the capital gains was 15th November, 2012 and the payments made by the assessee to M/s. Aarthik Properties Limited after the said date was 5,00,000/- only. We are therefore of the opinion that lower authorities were justified in restricting the claim u/s.54 of the Act to the amounts paid by the assessee after 15.11.2012. - The Tribunal has analyzed Section 54 of the Act and held that the time period of one year prior to the date of transfer giving rising to the capital gains, was available only for an investment in the nature of purchase of a residential house and not for construction of a residential house. What is rectifiable u/s.254(2) of the Income Tax Act, 1961 is only a glaring and apparent mistake and not one which require long arguments and debates on the issues involved. - Application of rectification rejected - Decided against the assessee.
|