Income Tax Appellate Tribunal, Hyderabad Benches

Parties Involved

Facts Summary

The assessee, Smt. Indira Vengala, sold her residential house at Dharam Karan Road, Ameerpet, Hyderabad for a sum of Rs.70,00,000/- and purchased another house at Old Bowenpally Village for a sum of Rs.69,00,000/- during the same financial year. The assessee claimed exemption under Section 54(1) of the Income Tax Act, 1961, but the Assessing Officer denied the claim. The assessee appealed to the Commissioner of Income Tax (Appeals) - National Faceless Appeal Centre (NFAC), who allowed the claim. The Revenue appealed to the Income Tax Appellate Tribunal, Hyderabad, which dismissed the appeal.…

Legal Issues

• 1. Whether the Commissioner of Income Tax (Appeals) rightly allowed the claim of deduction under Section 54(1) of the Act?

Judgment Outcome

Decided in favour of Partly Assessee / Partly Revenue.

Precedents Relied Upon

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