2019 (1) TMI 158

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.... Advocate JUDGMENT The assessee is a Consultant. He filed his return of income for the Assessment Year 2012-13 declaring a income of Rs. 1,18,03,300/-. His case was taken up for scrutiny and the assessment was completed under Section 143(3) of the Income Tax Act, 1961, (for short, 'the Act'). The assessee's income was determined at Rs. 5,16,93,547/- based on additions and deletions. Aggri....

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....s the assessee's cross-objection. Questioning the same, the Revenue has filed this appeal on the following substantial question of law: Whether on the facts and in the circumstances of the case and in law, the Tribunal is right in law in holding that assessee is entitled for Section 54 deduction in respect of amount invested within one year as non-completion of the construction of flat wa....

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.... possession of the same. The object of enacting Section 54 of the Act is to encourage investment in a residential building is completely fulfilled. It was held that the Tribunal was justified in extending the benefit of Section 54F of the Act to the extent of investment made within a period of twelve months. 3. In the instant case, the investment is made in a new property. The construction was ....

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....on. Therefore, he has filed a memo indicating the substantial question of law. The same reads as under: Whether the Tribunal was correct in holding that a sum of Rs. 37,93,588/- being the accumulated balance upto retirement is eligible for exemption under Section 10(12) of the Act? 5. In the instant case, The assessee retired on 1-4-2002. As on that date, the amount accumulated in the Provid....