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Deduction U/s. 54 on Investment in 4 adjacent flats made into single residential house
Case Law Details
- Case Name
- ITO Vs Kavita Gupta (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2009-10
- Courts
- All ITAT, ITAT Mumbai
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ITO Vs Kavita Gupta (ITAT Mumbai)
The issue that where an assessee had independently acquired multiple flats, which however, were joined/merged together and used by the assessee as a single residential unit, the claim for exemption under section 54 in respect of total investment made towards acquisition of the said flats cannot be denied, stands settled as on date by the judgment of the Hon’ble High Court of Bombay in the case of CIT vs. Devdas Naik (2014) 366 ITR 12 (Bom).
We find that the Hon‟ble High Court in the aforesaid judgment had concluded that that where acq...
In 90% of the cases this is the way the Indian Bureaucracy works, thus making mockery of the ease of doing business or living.They will however, succumb to do even what not is right or legal if offered a few alms.
Anil Modi