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Exemption u/s 54F available even if transaction not complete
Case Law Details
- Case Name
- Smt. Chandrakala Shashidhar Vs ITO (ITAT Bangalore)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2014-2015
- Courts
- All ITAT, ITAT Bangalore
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Smt.Chandrakala Shashidhar Vs ITO (ITAT Bangalore)
Held that assessee would be entitled to the benefit u/s 54F of the I.T.Act once it is demonstrated that the consideration received on transfer has been invested either in purchasing a residential house or in construction of a residential house even though the transactions are not complete in all respects.
Facts- The assessee is an individual. She had filed ROI on 29.08.2015 declaring a sum of Rs.11,11,950. The assessment was taken up for scrutiny by issuance of notice u/s 143(2) of the I.T.Act. During the course of assessment proceedings, the ...
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