Case Law Details
Case Name : Shri Hasmukh N. Gala Vs Income tax officer (ITAT Mumbai)
Related Assessment Year :
Courts :
All ITAT ITAT Mumbai
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Brief of the case
In the case of Shri Hasmukh N. Gala vs. ITO, ITAT has held that if assessee has invested substantial amount in new property, also received letter of allotment for new property then AO can’t denied exemption available u/s 54 of the Income Tax Act 1961.
Facts of the case
1. Assessee had declared sale of a residential property vide sale agreement dated 8/12/2009 for a total consideration of Rs.1,02,55,000/-. After considering the indexed cost of acquisition of Rs.14,17,904/-, the long term capital gain was computed at Rs.88,37,096/-. The relevant capital gain was claimed as e...
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Very informative write up. Merely going by the book restrictively defeats the spirit of the law. Hats off to the assessee for not giving up when his claim for exemption was turned down in the first two rounds.