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2020 (8) TMI 590 - ITAT DELHIDeduction u/s 54F - denial of claim as assessee has already purchased the residential flat at Rajendra Nagar out of the sale proceeds - HELD THAT:- We hold that the revenue authorities have mislead themselves on holding that the purchase of the Rajendra Nagar flat out of the sale proceeds of the original asset was on the basis of wrong facts. Hence, keeping in view the facts of the case that the capital gains have been utilized for construction of house at D-279, Defence Colony, New Delhi and as per the provisions of the Act, the assessee doesn’t have more than one house which is chargeable to tax under the head “income from house property” other than the one residential house owned on the date of sale of original asset, we hereby hold that the addition made by the revenue authorities is unwarranted. - Decided in favour of assessee.
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