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| The Tax Publishers2021 TaxPub(DT) 0261 (Bang-Trib) INCOME TAX ACT, 1961
Section 54F
In the instant case, assessee had to place necessary evidence in support of the claim since the order of the CIT(A) was cryptic on the issue, therefore, assessee was directed to place necessary evidence before AO who shall examine the issue of deduction under section 54F with regard to balance long-term capital gain.
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Capital gains - Exemption under section 54F - Assessee was directed to place necessary evidence -
Assessee sold an agricultural land and claimed for deduction under section 54F on the ground that sale proceeds were invested in residential building. He filed supporting evidences of cost of construction. AO granted deduction under section 54F of only part amount and brought the balance amount as taxable. Held: Assessee had to place necessary evidence in support of the claim since the order of the CIT(A) was cryptic on the issue. Therefore, assessee was directed to place necessary evidence before AO who shall examine the issue, whether the assessee is entitled for deduction under section 54F with regard to balance long-term capital gain.
REFERRED :
FAVOUR : Matter remanded
A.Y. :
INCOME TAX ACT, 1961
Section 54B
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