This is premium content. Please become a Premium member. If you are already a member, login here to access the full content.
ITAT Mumbai – Sec.54F Exemption Allowed on Under-Construction Flat Sec. 50C Addition Deleted; Penalty U/s 271(1)(c)
Case Law Details
- Case Name
- Kishore Anand Shetty Vs ACIT (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 Mumbai
Upgrade to Basic or Premium to download.
Already Upgraded? Log in.
Advertisement
Kishore Anand Shetty Vs ACIT (ITAT Mumbai)
The assessee challenged (i) addition u/s 50C based on higher stamp duty value and (ii) denial of exemption u/s 54F on reinvestment in a residential flat. The Tribunal noted that the original stamp valuation was wrongly inflated due to inclusion of an approach road area and was later rectified through a supplementary deed, reducing valuation below declared sale consideration. Hence, invocation of sec.50C failed and addition of ₹13.47 lakh was deleted.
Regarding sec.54F, the AO denied exemption since the agreement for purchase of the ...
Author Info
