Case law [2012] 18 taxxman 265

This query is : Resolved

Yusuf (Querist)
Follow

28 February 2012 IT : Deduction under section 54F not available where assessee purchased a residential house not from her own fund but from fund borrowed from bank and relatives - [2012] 18 taxmann.com 265 (Hyderabad - Trib.)

Can you provide be any briefings regarding this case...

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
Follow

28 February 2012 Smt. V. Kumuda, Hyderabad. Versus DCIT, Cir-16(2) Hyderabad - Tribunal

Rectification - Capital Gain - Deduction under 54F - Tribunal findings: House purchased from borrowed fund and partly from relatives, sales consideration were not utilized - Assessee applied for rectification of order - Held That:- Tribunal can rectify only those mistake which are apparent from record. Order passed under 254(1) is final. 254(2) does not have existence de hors the order under section 254(1). Re-calling of the order is not permissible under section 254(2). - Recalling of an order automatically necessitates rehearing and re-adjudication of the entire subject-matter of appeal. - Application of assesee turned down.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now