The legal summary is as follows: The assessee received two flats in exchange for old properties under a...

The legal summary is as follows: The assessee received two flats in exchange for old properties under a redevelopment agreement. Section 2(47) of the Act defines 'transfer' to include various transactions, including the exchange of a capital asset. Since the assessee exchanged old flats for new flats as per the redevelopment agreement, it constitutes an exchange of capital assets. Therefore, the assessing officer is directed to allow the claim of deduction u/s 54 of the Act, as per the precedent set by the Income Tax Appellate Tribunal in the case of Shri Dilip P. Ahuja. .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X