Hemant Prabhakar Gangal v/s ACIT, Circle Panvel

Parties Involved

Facts Summary

The assessee, Hemant Prabhakar Gangal, filed an appeal against the order of the Commissioner of Income-tax (Appeals), Mumbai/National Faceless Appeal Centre, Delhi dated 14.02.2024 passed under section 250 of the Income-tax Act, 1961 for Assessment Year 2016-17. The assessee had sold flats in Pune for a consideration of Rs. 67,00,000/- and claimed indexed cost of acquisition as well as cost of improvement at Rs. 1,72,784/-. However, the Assessing Officer computed the taxable capital gains at Rs. 13,40,000/-. The assessee claimed exemption under section 54 of the Act for the investment in a new residential flat in Chembur, Mumbai, which was purchased beyond the stipulated time to avail the benefit of exemption. The Commissioner of Income-tax (Appeals) reduced the capital gains to Rs. 3,58,528/- but did not allow the exemption under section 54 of the Act.…

Legal Issues

• 1. Whether the assessee is entitled to exemption under section 54 of the Act?

Judgment Outcome

Decided in favour of Assessee.

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