Case Law Details
Principal CIT Vs Smt. Charumathi Seshadri (Madras High Court)
When assessee invested a sum in purchase of land, which was invested after date of sale of original asset and before due date of filing of return of income under section 139(1) as per requirement of section 54F, then, deduction under section 54F could not be disallowed merely on the ground that no residential house had been constructed and completed on the land within three years from date of sale of the original asset.
FULL TEXT OF THE HIGH COURT ORDER / JUDGMENT
(Delivered by Ms.Indira Banerjee, Chief Justice) This appeal is against a judgment and order dated 09.10.2017 of the Income Tax Appellate Tribunal, ‘C’ Bench, Chennai, disposing of the appeal of the Revenue being I.T.A.No.886/Mds/2017, against an appellate order dated 23.12.2016 passed by the Commissioner of Income Tax (Appeals) 15, allowing the appeal of the assessee, being I.T.A.No.186/CIT(A)-15/2014-15, against an order of assessment dated 13.03.2014, adding to the declared income of the respondent assessee Rs.2,15,56,250/- towards capital gains.
2.The assessee, an advocate by profession, filed her return of income electronically on 22.09.2011 for the Assessment Year 2011-12 declaring a total income of Rs.21,53,760/-. The return was processed under Section 143 (1) of the Income Tax Act, 1961, hereinafter referred to as ‘the IT Act’, on 12.11.2011.
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