Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2021 (1) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (1) TMI 787 - HC - Income TaxEligibility for deduction under Section 54F - denial of deduction as capital asset transferred was not long term capital asset in view of Section 2(29A) read with Section 2(42A) - whether ITAT erred in treating the asset held by the assessee for less than four months as long term capital gain asset as against stipulation in Section 2(29A) read with Section 2(42A) is holding for more than 36 months? - HELD THAT:- CIT(A), who found from the sale deed dated 24.3.1995 that the property owned by the assessee at Secundrabad was indeed a commercial property situated in a complex called 'Diamond Towers'. The relevant clauses in the said sale deed had been referred to by the CIT(A) in paragraph 7 of the order dated 28.3.2018. This issue was also considered by the Tribunal on the appeal filed by the Revenue and noting the factual position, the Tribunal confirmed the finding of the CIT(A). Though this issue, which is argued by Mr.Karthik Ranganathan, learned Standing Counsel appearing for the Revenue, is not raised as a substantial question of law for consideration, yet we have tested the correctness of the finding and we find that the CIT(A) and the Tribunal are right in concluding that the property was a commercial property as could be seen from the conditions contained in the said sale deed dated 24.3.1995. Therefore, there is no ground made out by the Revenue to interfere with the order passed by the Tribunal and we also hold that no substantial question of law arises for consideration in this appeal. - Decided against revenue.
|