Case Law Details
Subramanian Swaminathan Vs ACIT (Intl. Taxation) (ITAT Delhi)
ITAT Delhi – Mere non-construction of property cannot be a ground to deny benefit u/s 54F. The beneficial nature and the object of the provision is ought to be considered by the Income Tax Authorities
In the instant case, undisputedly, the amounts for purchase of property and the construction thereon, were paid duly within the relevant period, as prescribed under law and that too from the Capital Gains Account. The said fact of the payments being made, has been admitted by the Ld. CIT(A), which is evident from the perusal of in para 5.2.2 at Page 16 of his order. In such circumstances, the disallowance of the entire exemption only because the construction was not completed is without any basis and/or merit and the said action of the Ld. CIT(A) deserves to be quashed.
FULL TEXT OF THE ORDER OF ITAT DELHI
The present appeal has been filed by the assessee against the order of ld. CIT(A)-43, New Delhi dated 22.10.2018.
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