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Case Law Details

Case Name : DCIT Vs Shri Radhakant M. Tripathy (ITAT Ahmedabad)
Appeal Number : I.T. A. No. 136/AHD/2011
Date of Judgement/Order : 21/02/2014
Related Assessment Year :
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ITAT Ahemdabad has held in the case DCIT Vs. Shri Radhakant M. Tripathy that The very fact that the legislature has allowed investment in new property one year prior to the date of transfer establishes in no uncertain terms that it need not be the sale consideration out of which the investment should be mad

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0 Comments

  1. RAJIV JAVERI says:

    Sir, This judgment is very interesting. u/s.54F first option is purchase a residential house within one year prior(meaning may be generally sale consideration or sale deed is effected after some time so the earnest money received is generally invested that amount should have invested more over word is purchase of residential house and not construct. second purchase within two years means if any flat ECT ARE UNDER CONSTRUCTION RESIDENTIAL UNIT IS PURCHASED THEN GENERALLY TWO YEARS TIME IS REQUIRED FOR SUCH CASES AND IF SELF CONSTRUCTION IS CARRIED IT NORMALLY TAKES THREE YEARS SANCTION OF MAP PURHASE OF PLOT SO TO COVER SUCH CASES THIRD OPTION MAY.DIFFERANCE IN PURCHASE OF RESIDENTIAL UNIT AND CONSTRUCTION IS VERY THIN AS PER SC. WHICH IS FAVERABLE TO ASSESSEE IS TAKEN HENCE PURCHASE OF RES.UNIT SHOULD INCLUDE A CONSTRUCTION OR PURCHASE OF PLOT ETC…….PLEASE CLEARIFY

  2. RAJIV JAVERI says:

    Sir, This judgment is very interesting. u/s.54F first option is purchase a residential house within one year prior(meaning may be generally sale consideration or sale deed is effected after some time so the earnest money received is generally invested that amount should have invested more over word is purchase of residential house and not construct. second purchase within two years means if any flat ECT ARE UNDER CONSTRUCTION RESIDENTIAL UNIT IS PURCHASED THEN GENERALLY TWO YEARS TIME IS REQUIRED FOR SUCH CASES AND IF SELF CONSTRUCTION IS CARRIED IT NORMALLY TAKES THREE YEARS SANCTION OF MAP PURHASE OF PLOT SO TO COVER SUCH CASES THIRD OPTION MAY.DIFFERANCE IN PURCHASE OF RESIDENTIAL UNIT AND CONSTRUCTION IS VERY THIN AS PER SC. WHICH IS FAVERABLE TO ASSESSEE IS TAKEN HENCE PURCHASE OF RES.UNIT SHOULD INCLUDE A CONSTRUCTION OR PURCHASE OF PLOT ETC…….PLEASE CLEARIFY

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