full case law of the following citation

Save Share

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 February 2010 Dear All,

Can anyone send me the full case law of the following citation.

Mrs. Prema P. Shah (2) Sanjiv P. Shah Vs. I.T.O. 11/29/2005
(2006) 282 ITR (AT) 211 (Mumbai)

Ravi Vasudev Sachdev

Ravi Vasudev Sachdev (Expert)

23 February 2010 Court : HC

Brief : : Held by the Ho"ble Bench that section 54 does not prohibit from purchasing property in a foreign country however all other conditions should be satisfied.The Bench also observed that the assessee should be the absolute owner of the new property in order to claim the exemption.

Citation : (1) Mrs. Prema P. Shah (2) Sanjiv P. Shah Vs. I.T.O.

Judgment :

Capital Gain - exemption u/s 54 (1) Mrs. Prema P. Shah (2) Sanjiv P. Shah Vs. I.T.O. 11/29/2005 (2006) 282 ITR (AT) 211 (Mumbai) Case Fact: Whether it is necessary to purchase new residential property in India to utilise the sale proceeds as received on sale of residential property, not acquired in convertible foreign exchange, for claiming exemption u/s 54(1) and whether the new property can be acquired on perpetual lease? Decision: Held by the Ho"ble Bench that section 54 does not prohibit from purchasing property in a foreign country however all other conditions should be satisfied.The Bench also observed that the assessee should be the absolute owner of the new property in order to claim the exemption.

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