Sh. Kanwar Singh Tanwar Vs. DCIT, Circle-19(1), Delhi

Parties Involved

Facts Summary

The assessee, Sh. Kanwar Singh Tanwar, filed an appeal against the order of the Commissioner of Income Tax (Appeals)/National Faceless Appeal Centre denying him a deduction under section 54F of the Income-tax Act, 1961. The assessee claimed a deduction of Rs. 6,53,00,317/- for the purchase of agricultural land and construction of a residential house on it. However, the Assessing Officer disallowed the deduction due to insufficient documentary evidence provided by the assessee. The assessee argued that he had sold unlisted shares resulting in a long-term capital gain of Rs. 10,16,58,537/- and claimed the deduction under section 54F. The Revenue contended that the assessee failed to provide adequate proof of construction and that he owned more than one residential house, making him ineligible for the deduction.…

Legal Issues

• 1. Whether the assessee is entitled to a deduction under section 54F of the Income-tax Act, 1961.

Judgment Outcome

Decided in favour of Partly Assessee / Partly Revenue.

Precedents Relied Upon

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