Chandra Moreshwar Gaydhane vs. Income Tax Officer

Parties Involved

Facts Summary

The assessee, Chandra Moreshwar Gaydhane, filed an appeal against the order passed by the National Faceless Appeal Centre, Delhi, arising from an assessment order dated 18.12.2018 under section 144 of the Income Tax Act, 1961. The assessee had raised eight grounds of appeal, but the effective submissions were made only with regard to the ground challenging the denial of claim made by the assessee under section 54F of the Act for investment in the construction of a residential house out of the sale consideration received from the sale of immovable property. The assessee had sold agricultural land and applied the sale proceeds for acquiring another agricultural land within a period of two years from the date of transfer of the land. However, the assessee was unable to substantiate its claim, resulting in the deduction under section 54B being denied. The assessee then claimed the benefit of deduction under section 54F for the construction of a house on a land acquired in the year 2011, which was also denied by the Commissioner of Income Tax (Appeals).…

Legal Issues

• 1. Whether the assessee is eligible for deduction u/s.54F of the Act at Rs.39,75,000/- claimed in the grounds of appeal.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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