Case Law Details
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 Section 54 of the Act. No question of law arises. Tax Appeal, therefore, dismissed.
FULL TEXT OF THE HIGH COURT ORDER / JUDGMENT
1. Revenue has filed this appeal against the judgment of Income Tax Appellate Tribunal (“Tribunal” for short) dated 27th February, 2015.
2. Following question is pressed before us :
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