Case Law Details
Case Name : Mumtaz Naseem Syed Vs ITO (ITAT Delhi)
Related Assessment Year : 2014-15
Courts :
All ITAT ITAT Delhi
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Mumtaz Naseem Syed Vs ITO (ITAT Delhi)
ITAT Delhi held that when the investment in house property is done jointly, claim under section 54 of the Income Tax Act is restricted to the 50%.
Facts- The case of the assessee was selected for limited scrutiny for the reason ‘Large long term capital loss on property, sale consideration of property in ITR is less than sale consideration reported in Form No. 26QB and large deduction claimed u/s 54B, 54C, 54D, 54G, 54GA’.
Accordingly, notice u/s 143(2) and 142(1) of the Act were issued and served on the assessee. The representative of the assessee has...
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Author Bio
Can someone please explain as to how the figure of 74,49,302 was arrived at as additional income added?