ITA No. 6577/Del/2025 (A.Y 2017) ACIT Vs. Pushpa Aggarwal

Parties Involved

Facts Summary

The assessee, Pushpa Aggarwal, was a school teacher who made an investment in a house property using the proceeds from the sale of another house property. She reported her income under various heads, including income from salary, house property, and other sources. The assessee claimed an exemption under Section 54 of the Income Tax Act, 1961, for the investment in the new property. However, the Assessing Officer disallowed the exemption because the assessee owned more than one residential property at the time of the transfer of the original asset, which is a condition specified in Section 54F of the Act. The Commissioner of Income-tax (Appeals) upheld the Assessing Officer's decision, leading to the appeal before the Income Tax Appellate Tribunal.…

Legal Issues

• 1. Whether the exemption under Section 54 of the Income Tax Act, 1961, is applicable when the assessee owns more than one residential property at the time of the transfer of the original asset?

Judgment Outcome

Decided in favour of Revenue.

Precedents Relied Upon

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