Case Law Details
Case Name : Venkatraman Jayashree Priyadharshini Vs ACIT (ITAT Chennai)
Related Assessment Year : 2015-16
Courts :
All ITAT ITAT Chennai
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Venkatraman Jayashree Priyadharshini Vs ACIT (ITAT Chennai)
Assessee, an individual, declared LTCG of ₹1.37 crore on sale of property & claimed deduction u/s 54. AO, however, computed LTCG at ₹2.87 crore, disallowing large part of claimed exemption. CIT(A) granted partial relief, restricting taxable LTCG to ₹2.01 crore, allowing cost of new flat at ₹88.85 lakh.
Before Tribunal, Assessee contended that further costs incurred on making the new residential property habitable-such as interior works (wardrobes, modular kitchen, cupboards, painting, fittings, etc.) of ₹21 lakh supporte...
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Taxation is not a penalty but contribution to civilisation of any nation.