Sanjeev Sarin Vs ITO (ITAT Delhi)
In this case assessee has within stipulated period, made substantial investment towards purchase of new property and just because builder could not complete construction of residential house, claim of exemption under section 54F of Income Tax Act, 1961 cannot be denied.
FULL TEXT OF THE ITAT JUDGMENT
This appeal by the assessee is preferred against the order of the Commissioner of Income Tax [Appeals]-13, New Delhi dated 28.02.2018 for Assessment Year 2013-14.
2. The sum and substance of the grievance of the assessee is that the CIT(A) erred in sustaining the addition of Rs.14,85,109/- on the ground that assessee has not utilized the capital gain amount within the time prescribed u/s 139 (1) of the Act.
3. Briefly stated the facts of the case are that during the year the assessee has sold his 50% share in house property in New Delhi. The house property was sold for a consideration of Rs.2.01 crores and half share of assessee works out of Rs.1.05 crores. The assessee disclosed his share of long term capital gain at Rs.5915345/- out of which exemption of Rs.5334447/- has been claimed u/s 54 of the Act. The assessee purchased booking of flat in a project developed by Vardhman Infrahome Private Limited. The details of payment are as under :-
