Case Law Details
Vikas Narayan Baddi 2 Vs ACIT (ITAT Ahmedabad)
ITAT Ahmedabad held that denial of exemption u/s 54F of the Income Tax Act for a mere technical default, beyond the control of assessee, in not getting the new property registered within the stipulated time period of two years is unjustified.
Facts-
The solitary issue involved in the present appeal related to denial of claim of exemption of long term capital gain of Rs.1,08,69,338/- on account of investment of the same in a new residential house as per the provision of section 54F of the Act.
It was stated that the claim of the assessee was denied by the Revenue by holding that the assessee had failed to comply with the conditions stated therein of making investment in new residential house within the stipulated period of two years from the date of sale of original asset.
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