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Section 54: Land value includible in cost of new residential house
Case Law Details
- Case Name
- Dattatreya Varma Penmatsa Vs ITO (ITAT Visakhapatnam)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2015-16
- Courts
- All ITAT, ITAT Visakhapatnam
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Dattatreya Varma Penmatsa Vs ITO (ITAT Visakhapatnam)
It is not disputed by the Revenue that the new residential house has been constructed within the time stipulated in section 54(1) of the said Act. It is the cost of the new residential house and not just the cost of construction of the new residential house which is to be allowed as deduction. In view of the above by respectfully following the ratio laid down in the case of C. Aryama Sundaram vs. CIT (supra) where the cost of new residential house which should necessarily include the cost of land, cost of materials used in the construction,...
