Case Law Details
I.T.O. Vs Shri Roop Narayan Sharma (ITAT Jaipur)
Conclusion: Deduction U/s 54F was available to assessee in respect of full value of consideration received and not on the value taken by the Sub-Registrar for the purposes of stamp duty.
Held: Assessee had sold agricultural land and invested for purchase of residential house. He claimed exemption U/s 54F in respect of actual amount of sale consideration received by him and not on the amount adopted for stamp duty purposes. However, AO allowed deduction U/s 54 by taking the amount invested. CIT(A) held that assessee was entitled for deduction U/s 54F in respect of full value of consideration received and not the value taken by the Sub-Registrar for the purposes of stamp duty. It was held the issue was squarely covered by the decision of the Hon’ble Delhi High court in the case of CIT Vs. Nilofar Singh, which had been followed in the case of Nand Lal Sharma Vs. ITO (2015) 61 taxmann.com 271 (JP Trib) 61 taxmann.com 271 and also in the case of Gyan Chand Batra 133 TTJ 482, respectfully following the same, there was no infirmity in the order of CIT(A) in directing the A. to allow the assessee’s claim of deduction U/s 54F in respect of full value of consideration actually received by him.
FULL TEXT OF THE ITAT JUDGEMENT
This is an appeal filed by the revenue and the cross objection filed by the assessee against the order of ld.CIT(A)-I. Jaipur dated 05/02/2016 for the A.Y. 2007-07 in the matter of order passed U/s 143(3) read with Section 147 of the Income Tax Act, 1961 (in short, the Act).
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