Reopening of assessment u/s 147 - Deduction u/s 54 - The mere ...

Taxpayer Eligible for Section 54F Deduction Despite Developer's Delay in Property Possession; Beneficial Provisions Upheld.

December 31, 2022

Case Laws Income Tax AT

Reopening of assessment u/s 147 - Deduction u/s 54 - The mere delay on the part of the developer to hand over the possession of the flat would not vitiate the claim of the assessee since it would be beyond the control of the assessee to ensure timely acquisition of the flat. The provisions of Sec.54F are beneficial provisions and the same should be given effect to in full and could not be denied to the assessee on such technicalities. Therefore, we would hold that the assessee would be eligible for deduction u/s 54F. - AT

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Reopening of assessment u/s 147 - Deduction u/s 54 - The mere ...

Taxpayer Eligible for Section 54F Deduction Despite Developer's Delay in Property Possession; Beneficial Provisions Upheld.

December 31, 2022

Case Laws Income Tax AT

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