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Relinquishment of Tenancy Right is Capital Gain – 54 & 54F Relief Allowed
Case Law Details
- Case Name
- DCIT Vs Pritibala Harshad Ajmera (ITAT Kolkata)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2015-2016
- Courts
- All ITAT, ITAT Kolkata
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DCIT Vs Pritibala Harshad Ajmera (ITAT Kolkata)
Relinquishment of Tenancy Right is Capital Gain- 54 & 54F Can Be Claimed Simultaneously
Assessee filed return declaring income of ₹1.44 crore. Case was selected for scrutiny. AO, noting non-compliance, completed assessment u/s 144 & added ₹3.15 crore as LTCG, denying exemption u/s 54/54F. CIT(A), after calling remand report, allowed exemption holding assessee eligible, as new residential property was purchased from entire sale/tenancy proceeds.
Revenue contended that assessee held more than one residential house (Flats 4A & 5A...
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