Case Law Details
Case Name : T. Pandian Vs ITO (ITAT Chennai)
Related Assessment Year : 2016-17
Courts :
All ITAT ITAT Chennai
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T. Pandian Vs ITO (ITAT Chennai)
ITAT Chennai held that even though assessee has not invested sale proceeds in Capital Gain Account Scheme, but complied with the conditions u/s. 54F(1) of the Act by purchasing an independent house. Deduction u/s 54F allowed as provisions of section 54F are beneficial provisions and are to be considered liberally.
Facts- In the assessment order, AO has noted that the assessee has sold the property for a consideration of ₹.60,00,000/- and
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