Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2016 (3) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (3) TMI 1067 - AT - Income TaxEntitlement to claim exemption u/s. 54 - reopening of assessment - Held that:- There is no dispute that assessee has made investment in the new property. It is also borne out from facts on record that investment in the second property is within the period of two years from the date of sale or original asset. That being the case, assessee will be eligible for exemption under section 54 of the Act. So far as AD's objections with regard to purchase of the property in the name assessee's wife is concerned, the same in our view is totally irrelevant and untenable. In any case of the matter, since we have already held that proceeding initiated under section 147 is invalid, this issue has become merely of academic interest. - Decided in favour of assessee.
|