ITA No.1011/Del/2023
Case No: ITA No.1011/Del/2023
Court: INCOME TAX APPELLATE TRIBUNAL, 'C' BENCH, DELHI
Date: 1/15/2025
Parties Involved
AppellantDy.CIT, CC-03
RespondentKushal Singh
Facts Summary
The assessee, Kushal Singh, acquired a plot of land in 2006 and claimed deduction under Section 54F of the Income Tax Act for A.Y. 2014-15. He sold the property for Rs.417,00,000 and claimed a deduction of Rs.3,43,44,059 against the sale consideration. He invested Rs.3,53,50,000, including the capital gain, for acquiring a residential property. The Assessing Officer disallowed the claim as the assessee failed to furnish possession certificates and other documents within the statutory time limit.…
Decision in favour of
Assessee
Legal Issues
- 1. Whether the assessee is entitled to deduction under Section 54F despite the delay in possession due to the builder's default.
Precedents Relied Upon
6 precedents cited in this judgement.