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2023 (5) TMI 1119 - SCH - Income TaxExemption/ deduction u/s 54 - Purchase of land with superstructure - After demolishing the existing superstructure, the appellant assessee constructed a residential house - as per HC [2018 (8) TMI 864 - MADRAS HIGH COURT] it is not a requisite of Section 54 that construction could not have commenced prior to the date of transfer of the asset resulting in capital gain. If the amount of capital gain is greater than the cost of the new house, the difference between the amount of capital gain and the cost of the new asset is to be charged u/s 45 as the income of the previous year - HELD THAT:- As stated that the tax amount involved in the present case is less than Rs. 2 crores and in view of the Circular No. 17 of 2019 dated 08.08.2019, the present petition need not be decided due to low tax effect. We dispose of the present Special Leave Petition, leaving the question of law open. Pending application(s), if any, shall stand disposed of.
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