Case Law Details
Case Name : Estate of Late Dr. S. Zakaulla Masood Vs ITO (ITAT Bangalore)
Related Assessment Year : 2010-11
Courts :
All ITAT ITAT Bangalore
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Estate of Late Dr. S. Zakaulla Masood Vs ITO (ITAT Bangalore)
The issue under consideration is whether the CIT(Appeals) was justified in denying the benefit of deduction to assessee u/s. 54 of the Income Tax Act, 1961?
ITAT states that, in the present case, ITAT are satisfied on the basis of evidence produced by the assessee that a building had come up over the site purchased by assessee and the purchase of site and cost of construction was much more than the capital gain arrived at by the assessee on sale of ancestral house. The CIT(Appeals) has gone by the fact that there was absence of Occu...
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That-1. The land was purchased forty years back.in the name of my mother who expired in the year 2020.
2. The land was handed over to builder for development. 3. The builder aggreed to give four flats in lieu of the land in the name of the four sons of the land owner. 4. The LDA first executed in the year 1915 was cancelled and 2nd LDA was done in the year 1918. 5. IT department has placed a demand of LTCG on the basis of aggreement. 6. The Flats are not yet handed over to us 7. The Flats given to us shall be kept for own residential use. 8. The notice issued was not received by us and in the year 2019 they passed ex parte decision imosing a huge tax and penalty. 9. Now only in this year 2021 Sep. I got the copy of orders on my email.
Please advise what to do in the instant case.