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| The Tax Publishers2020 TaxPub(DT) 4267 (Bang-Trib) : (2021) 186 ITD 0326 INCOME TAX ACT, 1961
Section 54
Absence of Occupation Certificate will not be a ground to deny the claim of assessee for deduction under section 54, as other evidence filed by the assessee sufficiently demonstrates that assessee had constructed a residential house within the period of stipulated by law.
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Capital gains - Deduction under section 54 - Construction of residential house within stipulated period -
Assessee filed appeal against the order of CIT(A) denying benefit of deduction claimed under section 54 as assessee did not construct a residential house within a period of 3 years from the date of transfer of the original asset and that there was no completion certificate produced to substantiate the claim of assessee. Held: CIT(A) had gone by the fact that there was absence of Occupation Certificate but this will not be a ground to deny the claim of assessee for deduction under section 54, as other evidence filed by the assessee sufficiently demonstrates that assessee has constructed a residential house within the period of stipulated by law. The findings of the CIT(A) in this regard were very vague and could not be the basis to deny the claim of assessee for deduction under section 54.
REFERRED : CIT v. Sambandam Udaykumar (2012) 354 ITR 389 (Karn-HC) : 2012 TaxPub(DT) 1804 (Karn-HC) and CIT v. Sardarmal Kothari & Anr. (2008) 302 ITR 286 (Mad-HC) : 2008 TaxPub(DT) 2081 (Mad-HC).
FAVOUR : In assessee's favour.
A.Y. : 2010-11
IN THE ITAT, BANGALORE BENCH
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