2018 (11) TMI 1561

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.... Jitendra Singh for the Respondent.   P.C.: 1. Revenue has filed this appeal against the judgment of Income Tax Appellate Tribunal ("Tribunal" for short) dated 27th February, 2015. 2. Following question is pressed before us : "Whether in the facts and circumstances of the case, the Hon'ble ITAT was justified to hold that market value of flats should be considered as investment towards....

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....he sellers would receive from the purchaser. 4. In the return filed the assessee adopted the fair market value of the property as on 1st April, 1981 at Rs. 35,00,000/The assessee also claimed exemption under Section 54 of the Act pointing out that the allotment of the flats was in the nature of the assessee's investments in new residential property. The Assessing Officer did not accept the as....

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.... the form of new flats to be constructed on the plot of old house sold by assessee. The new flats agreed to be given to assessee amounts to investment by assessee in residential house. Therefore, the AO was not justified in adding back the additional consideration given in the form of allotment of three flats by declining claim of deduction under Section 54 of the I.T. Act. 10. In the present cas....