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Commissioner of Income Tax Versus Shri S. Sudhakar (HUF)

2015 (10) TMI 1754 - MADRAS HIGH COURT

Entitlement to exemption under Section 54 - whether the assessee failed to construct a habitable house within a period of three years from the date of transfer - ITAT allowed the claim - Held that:- The benefit of section 54(1) is available, if the assessee has, within a period of one year before or two years after a date on which the transfer took place, purchased, or has, within a period of three years after that date, constructed, a residential house in India. The fact that the assessee sold .....

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the completion of construction had been delayed on account of the delay in the Airports Authority of India in giving clearance and the Town Planning Authority giving approval to the building plan, the benefit of section 54 cannot be denied to the assessee. After all, the object of section 54(1) is to ensure that if the sale proceedings are invested in a residential house, the assessee should be entitled to the benefit. - Decided in favour of assessee. - T. C. (A) No. 692 of 2015 - Dated:- 25-8-2 .....

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Income Tax Act, when the assessee failed to construct a habitable house within a period of three years from the date of transfer?" 2. Heard Mr.T.R.Senthilkumar, learned Standing counsel for the Revenue. 3. The assessment for the assessment year 2008-09 in respect of the respondent herein was completed on 29.12.2009 under section 143(3). In the return of income, the assessee claimed a long term capital gain of ₹ 1,58,43,569/- and claimed exemption under section 54 to the extent of S .....

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esh as per the law. 5. Therefore, notices was issued and after giving opportunity, the assessing officer passed an order dated 11.3.2013 holding that the assessee could not complete the construction of habitable residential house, within a period of three years, as required under section 54 so as to claim exemption. Consequently, the assessing officer disallowed the claim and computed the taxable income as ₹ 1,19,54,550/-. 6. As against the order of assessment, the assessee filed a statuto .....

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eir residential property situate at Annanagar, Chennai on 28.11.2007 for a total sale consideration of ₹ 2,75,00,000/-. Out of his share of the sale consideration, the assessee purchased three adjoining residential sites in a residential lay out known as "Midas Park" at Bangalore on 10.3.2008 at a total cost of ₹ 1,18,94,408/-. The assessee paid an advance of ₹ 70,00,000/- on 28.6.2008. This payment was by way of two cheques. The payment was to a Builder by name Conce .....

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ion certificate was issued by the Airports Authority of India, Bangalore on 28.12.2011. The local authorities approved the building plan on 19.4.2012, only after the issue of no objection certificate by the Airports Authority, since the plot was located near the Bangalore Airport. 8. In the facts and circumstances narrated above, the Tribunal took note of an order passed by a Coordinate Bench in the case of ACIT v SHRI.PRAKASH CHAND BORA (ITA 1490/Mds/2013) for the assessment year 2007-08. In th .....

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