Case Law Details
Case Name : ACIT Vs Sagar Nitin Parikh (ITAT Mumbai)
Related Assessment Year :
Courts :
All ITAT ITAT Mumbai
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Brief of the case:
The sole issue to be decided by ITAT is that whether the transaction of entering into an agreement with a builder for purchase of a flat that is going to be constructed is a case of “Purchase” or “Construction”. In the instant case, the assessee has constructed a house prior to the date of transfer of original house, in which case, the assessee is not entitled to claim deduction u/s 54 of the Act in respect of the cost of new flat.
Brief facts:
The facts that are relevant to the issue under consideration are that the assessee sold a flat located at Fionika on 27.03...
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1)The law needs immediate repair.
2)Why should there be a meaningless difference between ‘purchasing’ and ‘constructing’ a house/flat?
3) This merely allows people to gain importance and also breeds corruptions through unnecessary play of words?
Regards,
Vinod Pandey
Assistant Divisional Finance Manager
Indian Railways