2018 (11) TMI 1561

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....hadke with Ms. Neha Paranjpe i/by Mr. 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 fla....

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....heme which was part of the consideration that the 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 prop....

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....nsideration was partly received in cash and partly in 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 unde....