Case Law Details
Case Name : Smt. V.A. Tharabai Vs Deputy Commissioner of Income-tax, Circle I, Vellore (ITAT Chennai)
Appeal Number : IT Appeal No. 1894 (MDS.) OF 2011 S.P. NO.86 (MDS.) OF 2011
Date of Judgement/Order : 12/01/2012
Related Assessment Year : 2007-08
Courts :
All ITAT ITAT Chennai
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IN THE ITAT CHENNAI BENCH ‘D’
Smt. V.A. Tharabai
V/s.
Deputy Commissioner of Income-tax, Circle I, Vellore
IT APPEAL NO.1894 (MDS.) OF 2011 S.P. NO.86 (MDS.) OF 2011
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S. 54F exemption available for sum invested in land but non-construction of building due to Court order
– See more at: https://taxguru.in/income-tax/54f-exemption-amount-invested-land-nonconstruction-building-due-courts-order.html#sthash.azC4e1q0.dpuf
The series of decided cases, both of tribunal and courts, reported in recent years, unmistakably establish and reinforce that the view taken is, by any logic and sane reasoning, requires to be accepted as the correct position in law. Giving a sense of the right direction to take for the future, on the point of dispute commonly arising but decided in assessee’s favour; to the effect, that regardless of the merits or otherwise on a strict reading of the enactment, the claim for tax exemption of capital gains, ought not to be denied, should the delay/deferment in completion of transaction of purchase, or construction , is not attributable to any fault on assessee’s part but is owing to reasons beyond his control.
It is high time for the Revenue to fairly concede, and come out with a directive / unequivocal circular beneficial to the assessees, in order not to allow scope for any such dispute any longer.; including in cases wherever pending.