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2020 (3) TMI 176 - ITAT DELHIDenying exemption u/s 54/54F - Long Term Capital Gains (LTCG) - investment / purchase of new residential property in the name of wife - HELD THAT:- In the case of the assessee, the jurisdiction and PAN of the assessee have been admittedly transferred to Delhi. The appeal of the assessee was decided by the Ld. CIT(A)-28, New Delhi. Therefore, Ld. CIT(A) is bound to follow the Judgments of the Hon’ble Delhi High Court. The jurisdiction in the case of assessee since transferred to Delhi even at the first appellate stage, therefore, the jurisdiction lies with the Hon’ble Delhi High Court M/S AAR BEE INDUSTRIES [2013 (7) TMI 94 - DELHI HIGH COURT] - Also see SHRI KAMAL WAHAL [2013 (1) TMI 401 - DELHI HIGH COURT] The issue is squarely covered by the above decisions of the Hon’ble Delhi High Court relied upon by the Learned Counsel for the Assessee. since the entire sale amount of long term capital gain have been invested in purchase of other property in the name of wife of assessee, assessee would be entitled for exemption on account of long term capital gains. In this view of the matter, we set aside the Orders of the authorities below and delete the entire addition. The A.O. is directed to allow exemption of assessee.
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