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Deduction u/s. 54F available as nexus sale of gold jewellery & purchase of flat established
Case Law Details
- Case Name
- Kishori Dwarakanath Pandey Vs ITO (ITAT Mumbai)
- 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 Mumbai
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Kishori Dwarakanath Pandey Vs ITO (ITAT Mumbai)
ITAT Mumbai held that deduction under section 54F of the Income Tax Act duly available as nexus between sale of gold jewellery and purchase of flat duly established.
Facts- The assessee jointly with her husband purchased residential flat. The assessee in order to source the funds for purchase of flat sold her gold jewellery for a consideration of Rs.42,69,550/- and had also prematurely encashed fixed deposits to the tune of Rs.22,00,000/- in the joint name with her husband.
During the course of scrutiny assessment proceedings, th...
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