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Investment Cannot Be Added in Year of Registration if Paid in Earlier Year: ITAT Patna
Case Law Details
- Case Name
- Suman Devi Vs ITO (ITAT Patna)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2014-15
- Courts
- All ITAT, ITAT Patna
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Suman Devi Vs ITO (ITAT Patna)
Investment Year Matters- Registration Date Irrelevant for Source of Funds- Property Investment Taxable in Year of Payment, Not Year of Registration- ITAT Patna
Assessee along with five co-purchasers acquired an immovable property for a total consideration of ₹2.10 crore. Stamp duty of ₹18.33 lakh & registration charges of ₹4.61 lakh were also paid. Assessee made full payments during FY 2012-13 (AY 2013-14), with the last payment being on 10.03.2013. However, registration of the property was completed on 04.04.2013, which fell in AY 2014...
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