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ITAT Delhi Allows Section 54 Exemption for Property Purchased in Australia
Case Law Details
- Case Name
- Jagdish Chand Verma Vs ITO (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2014-15
- Courts
- All ITAT, ITAT Delhi
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Jagdish Chand Verma Vs ITO (ITAT Mumbai)
ITAT Delhi Allows Section 54 for Property Purchased in Australia & Bank passbook is not books of accounts , a pre-condition to make addition u/s 68
In this case, Assessee, a 70-year-old retired bank employee who shifted to Australia in 2013, sold his Delhi flat for ₹70 lakh & earned LTCG of ₹54,35,000. He deposited ₹40,51,000 in his bank account from sale of household items & cash belonging to his spouse & son. Assessment was completed ex-parte u/s 144 with two additions: denial of exemption u/s 54 for purchase of ...
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