Case Law Details
Case Name : Shri Hasmukh N. Gala Vs Income Tax Officer (ITAT Mumbai)
Related Assessment Year : 2010-11
Courts :
All ITAT ITAT Mumbai
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CA Suraj R. Agrawal
Brief- ITAT Mumbai has held in the case of Hasmukh N. Gala vs. ITO that Giving advance to builder constitutes ‘purchase’ of new house even if construction is not completed and title to the property has not passed to the assessee within the prescribed period.
Giving advance to builder constitutes “purchase” of new house even if construction is not completed and title to the property has not passed to the assessee within the prescribed period.
Facts of the case:
Assessee is an individual who is engaged in the business of trading in glass.
In the ...
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Author Bio
What in case, if advance has been given to the Colonizer, however Colonizer has taken the advance fraudulentlu and not completed the development ?
Will this be eligible for exemption under section 54 of the Income Tax Act, 1961?