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Section 54 exemption cant be denied for delayed cheque deposit by builder
Case Law Details
- Case Name
- ITO (IT) 3(3)(1) Vs Akansha Ranju Pilani (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2012- 13
- Courts
- All ITAT, ITAT Mumbai
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The appeal filed by the Revenue is directed against the order dated 30.3.3015 passed by the learned CIT(A)-55, Mumbai and it relates to A.Y. 2012- 13.
2. The Revenue is aggrieved by the decision of the learned CIT(A) in granting relief u/s. 54 of the Act, which was partially rejected by the AO.
3. Facts relating to the issue are stated in brief. The assessee sold an immovable property on 2.8.2011 for a sum of Rs. 1.60 crores. The assessee purchased another residential house property on 26.7.2012 for a sum of Rs. 2.75 crores. The assessee claimed exemption u/s. 54 of the...
