Shri Kirankumar Rasiklal Sanghvi Vs. PCIT

Parties Involved

Facts Summary

The assessee, Shri Kirankumar Rasiklal Sanghvi, filed an appeal against the order passed by the Principal Commissioner of Income-Tax-4, Ahmedabad, dated 03.03.2020, for the Assessment Year 2015-16. The assessee claimed exemption under Section 54F of the Income-tax Act, 1961, for long-term capital gains earned from the sale of a residential house. The Principal Commissioner of Income-Tax (PCIT) disallowed the exemption, finding that the assessee owned more than one residential house on the date of sale of the original asset. The assessee argued that the other properties identified by the PCIT did not qualify as residential houses under Section 54F of the Act. The Tribunal found the PCIT's findings to be without any valid basis and set aside the order.…

Legal Issues

• 1. Whether the Principal CIT erred in disallowing the exemption under Section 54F of the Act?
• 2. Whether the assessee was liable to tax on the income from the other residential houses?

Judgment Outcome

Decided in favour of Assessee.

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