Case Law Details
Case Name : ACIT Vs. Sh. Vineet Kumar Kapila (ITAT Delhi)
Related Assessment Year : 2012-13
Courts :
All ITAT ITAT Delhi
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ACIT Vs. Sh. Vineet Kumar Kapila (ITAT Delhi)
ITAT held that booking of flat with the builder has to be treated as construction of flat by the assessee and hence period of three years would apply for construction of new house from the date of transfer of long term capital asset. Therefore, the Ld. CIT(A) has rightly allowed the exemption u/s. 54 of the Act, because in the present case also the flat booked with the builder by the assesse has to be considered as a case of construction of flat a
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on income tax mater LTCG out sale of apartment. ACIT, The assessing officer reopening the assessment of 2015-16 now and add back housing income to tax fully just because the builder’s joint construction agreement not registered and only land agreement registerd.
In the present scenario, what is the control of the assessee in construction of the flat, in which the assessee has invested the LTCG amount in section 54. The builders are being put behind the bar, builders are going for insolvency.
Therefore, mere investment with a builder, and not able to use the money of LTCG in business or other investment etc. Should be enough and ” IN ORDER” under section 54.
Is there any PIL before any HC lis pendens against the contradiction of section 50 C of the IT Act ?
ITS VERY HELPFUL ORDER. IN FACT LAW IS CLEAR BUT OFFICERS ARE CONFUSED.
In my view this case law is irrelevant after insertion of section 45(5A) in the finance act 2017.