Erred in not allowing deduction u/s. 54F of the Income Tax Act

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Last updated: 19 April 2021
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The Income Tax Appellate Tribunal heard cross-appeals concerning the assessment year 2014-15. The assessee argued that the Commissioner of Income Tax (Appeals) erred by upholding the Assessing Officer's decision to tax capital gains. Specifically, the assessee contended that the gains should not be based on an un-accomplished Joint Development Agreement but rather on the registered sale deed of the land transferred. The tribunal reviewed the factual position and the basis for calculating capital gains.

Court :
ITAT Hyderabad

Brief :
These assessee’s and Revenue’s cross appeals for Asst. Year 2014-15 arisefrom the Commissioner of Income Tax (Appeals)-10, Hyderabad’s order dt.26.08.2019 passed in case No.0220/CIT(A)-10/2016-17, in proceedings under Section 143(3) of Income Tax Act, 1961 (‘the Act’).

Citation :
ITA 1597/Hyd/2019

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1 Year PLAN
1999
(Excl. of GST ₹359)

2 Years PLAN
3499
(Excl. of GST ₹629)

BEST VALUE
3 Years PLAN
4999
(Excl. of GST ₹899)

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