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Construction of new residential house to its existing residence qualifies for deduction u/s. 54F
Case Law Details
- Case Name
- Chandra Bhavani Sankar Vs ITO (ITAT Chennai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2012-13
- Courts
- All ITAT, ITAT Chennai
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Chandra Bhavani Sankar Vs ITO (ITAT Chennai)
ITAT Chennai Held that the construction of a new residential house to its existing residence with separate stair-case, kitchen, new electrical connection, water connection, etc. qualifies for deduction u/s.54F of the Act. Accordingly, deduction u/s. 54F granted.
Facts- The return of the assessee was selected for scrutiny under CASS. AO completed the assessment on 30.03.2015 by making additions to LTCG re-computed at Rs.66,53,379/-; Savings bank interest Rs.20,218/- and Unexplained cash credit u/s.68 of the Act Rs.59,90,000/-.
Aggrieved, the assessee...
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