ACIT vs. Sh. Pradeep Kumar Gupta

Parties Involved

Facts Summary

The assessee, Sh. Pradeep Kumar Gupta, had sold a property for consideration of Rs. 3,40,00,000/- in the financial year 2016-17 and declared a net long term capital gain of Rs. 72,62,771/- by claiming deduction of Rs. 2,27,07,651/- u/s 54F of the Income Tax Act, 1961. The Assessing Officer disallowed the deduction of Rs. 1,81,10,961/- as the assessee had availed a home loan for the purchase of a new residential property, and the loan was still active. The assessee appealed to the CIT(A), NFAC, Delhi, which allowed the appeal, observing that the assessee had fulfilled the conditions to claim deduction u/s 54F of the Act. The Department, ACIT, Circle-7, Jaipur, filed an appeal before the Income Tax Appellate Tribunal, Jaipur, which was dismissed due to low tax effect as per CBDT Circular No. 09 of 2024.…

Legal Issues

• 1. Whether the assessee fulfilled the conditions to claim deduction u/s 54F of the Income Tax Act, 1961?
• 2. Whether the appeal should be dismissed due to low tax effect as per CBDT Circular No. 09 of 2024?

Judgment Outcome

Decided in favour of Revenue.

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