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PR. COMMISSIONER OF INCOME TAX, BANGALORE AND THE INCOME-TAX OFFICER, WARD 14 (1) BANGALORE Versus SHRI R. SRINIVAS

2015 (11) TMI 1547 - KARNATAKA HIGH COURT

Entitlement to benefit of Section 54F - Held that:- This Court, in the case of Fathima Bai [2008 (10) TMI 563 - KARNATAKA HIGH COURT] has, in similar facts, allowed the benefit to the assessee therein after observing that even though the assessee may .....

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-11-2015 - MR. JUSTICE VINEET SARAN AND MRS. JUSTICE S.SUJATHA FOR THE APPELLANT : SRI E.I.SANMATHI, ADV.,) JUDGMENT Heard learned counsel for the appellants and perused the record. 2. The dispute in the present appeal relates to the assessment year .....

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tire sale amount had been utilized for purchase of land and construction of residential house. 3. The case of the Revenue is that since the sale amount had not been deposited in the Capital Gains Accounts Scheme, the assessee would not be entitle d t .....

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n toto after recording a categorical finding that it is not dispute d that the assessee had utilized the entire sale amount for purchase of land and construction of residential house, within the stipulated time as provided under Section 54F of the Ac .....

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o proper compliance of sub-section 4 of Section 54F of the Act, in as much as no Capital Gains Account was opened by the assessee in which the sale proceeds had been deposited and thereafter utilized for the purchase of land and construction of resid .....

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