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Section 54 benefit cannot be denied for Procedural Non-Compliance
Case Law Details
- Case Name
- ITO Vs Smt. Rekha Shetty (ITAT Chennai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2016-17
- Courts
- All ITAT, ITAT Chennai
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ITO Vs. Smt. Rekha Shetty (ITAT Chennai)
The issue under consideration is whether the benefit of section 54 of the Income Tax Act, being a beneficial provision, can be denied to the assessee due to non-compliance of procedural requirements?
ITAT states that for seeking benefit of deduction under Section 54 of the Act, the assessee should have substantially complied with section 54(1). In this case, the assessee should have purchased the residential house within two years from 19.10.2015, ie the date of transfer. She has utilized such sum towards purchase of the new house on 26...
