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The Tax PublishersITA No. 7139/Del./2017
2021 TaxPub(DT) 1161 (Del-Trib)INCOME TAX ACT, 1961
Section 54F
Assessee would be entitled to exemption under section 54F as qua his capital gains had been duly explained by virtue of the sale deed qua the property in question, bank statements and sale deed of the new residential property purchased with the capitals gains received.
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Deduction under section 54F - Allowability - Satisfaction of provision contained under section section 54F -
Revenue filed appeal against the order of CIT(A) allowing the exemption claimed by the assessee under section 54 whereas in none of the grounds, the assessee has sought this relief before CIT(A). Held: When the assessee has been found to be eligible for exemption under section 54F qua his capital gains which have been duly explained by virtue of the sale deed qua the property in question, bank statements and sale deed of the new residential property purchased with the capitals gains received, the CIT(A) had rightly and legally allowed exemption under section 54F.
REFERRED :
FAVOUR : In favour of assessee
A.Y. : 2013-14
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