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Farmhouse Qualifies as Residential House: Delhi ITAT Upholds Section 54F Relief
Case Law Details
- Case Name
- ACIT Vs Rajat Bhandari (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2011-12
- Courts
- All ITAT, ITAT Delhi
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ACIT Vs Rajat Bhandari (ITAT Delhi)
Revenue appealed against CIT(A)’s order allowing deduction of Rs.2,36,96,898 u/s 54F in favour of Assessee. AO had denied exemption on two grounds: (i) Assessee allegedly owned more than one residential property at the time of transfer of original asset, & (ii) the new asset was a “farmhouse”, which AO considered ineligible as a “residential house”. AO also made an addition of Rs.32,61,606 on account of credit-card expenses treated as personal.
CIT(A) examined all documents & held that AO proceeded merely on assumptions wit...
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