Case Law Details
Case Name : Gouli Mahadevappa Vs Income Tax Officer (Karnataka High Court)
Related Assessment Year : 2005-2006
Courts :
All High Courts Karnataka High Court
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Equivalent Citations : (2012) 80 CCH 372 KarHC (2013), 215 TAXMAN 145 (Karnataka) , (2013) 259 CTR (Kar) 579 , (2013) 356 ITR, 90 (Karn) (2013) 88 DTR (Kar) 59
The appellant-assessee sold a house plot in RMV II Stage, Bangalore, for Rs.20,00,000/- under registered sale deed dated05.06.2004. The Assessing Authority found that the registration value of the property fixed under the Karnataka Stamp Act is Rs.36,00,000/-. The assessee, however, had reinvested Rs.24,00,000/-for construction of residential house at Gangavathi and sought exemption from the payment of capital gain tax under Section 5...
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With due respect to the ITAT order, I am of the opinion that judgment is not good as the assessee is asked to invest full notional value if he want to take full benefit of section 54. If a person has not received the extra consideration but for some reason the stamp duty value is excessive, how can one invest in section 54 for additional amount. The case is also not properly argued by assesses counsel in this regards.