2019 (1) TMI 478

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ncome Tax Appellate Tribunal ("Tribunal" for short) dated 17.4.2015. Following question has been presented for our consideration:- "Whether on the facts and circumstances of the case and in law, the Tribunal was justified in confirming the order of CIT(A) in allowing the exemption u/S. 54F of the Act, when property which was transfered was residential house?" 2. Respondent - assessee is an i....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....a residential flat on 15.01.1981. The builder failed to complete the construction and the dispute travelled to the Hon'ble Bombay High Court. The Hon'ble Bombay High Court had appointed a committee/receiver with a direction to complete the construction. The construction of the building was not complete up to Feb 2011 as has been gathered by the Ld. CIT(A) from the letter dated 17.02.2011 i....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....been allowed by the Ld. CIT(A) under section 54F of the Act. We do not find any infirmity on the order of the Ld. CIT(A) in this respect. There is no merit in the appeal of the Revenue and the same is accordingly dismissed." 3. Perusal of sub-section (1) of Section 54 of the Act would show that the exemption would be available to an assessee being an individual or Hindu Undivided Family where t....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... the meantime, the assessee had sold the flat in the year 2005 which she had booked. The same was still under construction. The same resulted into long-term capital gain. It was in such peculiar facts that the Tribunal held that the assessee cannot be said to have transfered a capital asset in the nature of residential house. We may recall that the assessee had booked the flat far back in Janua....