Allotment of flats as sales value amounts to investment in new residential house

Pr. CIT Vs Mr. Peter Savio Pereira (Bombay High Court)

The Tribunal notices that the assessee had received sale consideration partly in cash and partly in form of new flats to be constructed and to be allotted to the assessee. The Tribunal, therefore, correctly came to the conclusion that the assessee’s investment in such new flats amounts to investment for acquisition of new residential house. The Tribunal, therefore, correctly held that the Assessing Officer was not justified in disallowing the exemption under Please become a Premium member. If you are already a Premium member, login here to access the full content.