Case Law Details
Case Name : ACIT Vs Sagar Nitin Parikh (ITAT Mumbai)
Appeal Number : ITA No. 6399/MUM/2011
Date of Judgement/Order : 03/06/2015
Related Assessment Year :
Courts :
All ITAT ITAT Mumbai
Become a Premium member to Download.
If you are already a Premium member, Login here to access.
Sponsored
Brief of the case:
The sole issue to be decided by ITAT is that whether the transaction of entering into an agreement with a builder for purchase of a flat that is going to be constructed is a case of “Purchase” or “Construction”. In the instant case, the assessee has constructed a house prior to the date of transfer of original house, in which case, the assessee is not entitled to claim deduction u/s 54 of the Act in respect of the cost of new flat.
Brief facts:
- The facts that are relevant to the issue under consideration are that the assessee sold a flat located at Fionika on 27.03.2008 and generated Long term capital gain of Rs.1.55 crores thereon.
Please become a Premium member. If you are already a Premium member, login here to access the full content.
Sponsored
Kindly Refer to
Privacy Policy &
Complete Terms of Use and Disclaimer.
1)The law needs immediate repair.
2)Why should there be a meaningless difference between ‘purchasing’ and ‘constructing’ a house/flat?
3) This merely allows people to gain importance and also breeds corruptions through unnecessary play of words?
Regards,
Vinod Pandey
Assistant Divisional Finance Manager
Indian Railways