AO was not justified in denying the claimed exemption under ...

Taxpayer's Section 54 Exemption Denial Overturned: Sale Deed Not Required for Property Sale Completion.

November 20, 2017

Case Laws Income Tax AT

AO was not justified in denying the claimed exemption under section 54 of the Act to the assessee on the basis that possession of the property was not handed over to the buyer and thus, sale was not complete in absence of execution of Sale Deed. - AT

View Source

← Previous Next →

AO was not justified in denying the claimed exemption under ...

Taxpayer's Section 54 Exemption Denial Overturned: Sale Deed Not Required for Property Sale Completion.

November 20, 2017

Case Laws Income Tax AT

You may also like:

Settlement Commission's order rejecting exemption u/s 54 on cash portion invested in purchasing property after sale of another property was invalid. Section 54 does not...

Owner of suit property - joint ownership - legality and validity of the power of attorney and the sale deeds - the sale deeds will have to be held as void being executed...

Recovery proceedings - Attachment orders - rights over the property - seeking transfer of property in favor of purchaser - In this case admittedly the transfer was on...

Computation of capital gain - date of holding of property - registered sale deeds OR completion/occupation certificate of the properties - Merely because the occupation...

Capital gain on property gifted - Execution of sale deed instead of gift deed wrongly in favor of Daughter in law (DIL) - DIL has not paid the amount as mentioned in the...

Undisclosed incomes - investment in Purchase/sale of immovable property - The onus on the department to prove that investment was made by Assessees or sale consideration...

Deduction u/s 80IB(10) denied as assessee constructed houses owned by buyers with sale deeds executed prior to construction, not developing housing project. Mere...

The appeal challenges the liability to pay stamp duty and penalty on agreements executed prior to the sale deed for two properties. The court determined the real...

Unexplained investment u/s 69 - family transaction - assessee has submitted that the assessee’s husband was a power of attorney holder of the property and could not...

Nature of transfer of land - agriculture land or not - sale deed shows that the properties in question have been referred as “industrial plot” for industrial purposes. -...

Penalty u/s 271D - cash received of sales of immovable property - allegation of violation of provisions of Sec.269SS - cash payment was made at one go before the...

Stamp duty - Asserting value of immovable property - Comprehensive sale of all the assets and, in a single transaction - the sale deed operated to convey the rights over...

Capital gain - legal owner of property - entire funds at the time of purchase of property was paid by his son the entire sale consideration is also received by her son -...

The CESTAT held that a "deemed sale" under Article 366(29A)(d) of the Constitution had occurred when the appellant granted the right to use the brewery license to...

Attachment orders - The transfer of immovable property can only be, by way of a sale deed. In the absence of a deed of conveyance, duly stamped and registered, no right,...

Quick Updates: