REGENT COMPUTRONICS PVT. LTD.

Commissioner Of Income Tax Xv Appellant

V/S

Bharti Mishra Respondents

Referred Judgements :-

UNION OF INDIA VS. WOOD PAPERS LIMITED [REFERRED TO]
MANGALORE CHEMICALS FERTILISERS LIMITED VS. DEPUTY COMMISSIONER OF COMMERCIAL TAXES [REFERRED TO]
NOVOPAN INDIA LIMITED HYDERABAD VS. COLLECTOR OF CENTRAL EXCISE AND CUSTOMS HYDERABAD [REFERRED TO]
STATE LEVEL COMMITTEE VS. MORGARDSHAMMAR INDIA LIMITED [REFERRED TO]
ASSOCIATED CEMENT COMPANIES LIMITED VS. STATE OF BIHAR [REFERRED TO]
COMMISSIONER TRADETAX U P VS. D S M GROUP OF INDUSTRIES [REFERRED TO]
TATA IRON AND STEEL CO LTD VS. STATE OF JHARKHAND [REFERRED TO]
REIZ ELECTROCONTROLS PVT LTD VS. COMMR OF CENTRAL EXCISE [REFERRED TO]
A P STEEL RE ROLLING MILL LTD VS. STATE OF KERALA [REFERRED TO]
G P CERAMICS PVT LTD VS. COMMISSIONER TRADE TAX UP [REFERRED TO]
COMMISSIONER OF CENTRAL EXCISE VS. FAVOURITE INDUSTRIES [REFERRED TO]
COMMISSIONER OF INCOME TAX VS. KAPOOR H K DECD [REFERRED TO]
COMMISSIONER OF INCOME TAX VS. SUBRAMANYA BHAT J R [REFERRED TO]
COMMISSIONER OF INCOME TAX TAMIL NADU VS. SARDARMAL KOTHARI [REFERRED TO]

JUDGEMENT

(1.) Learned counsel for the appellant-Revenue submits that he does not rely and has not been able to locate any judgment in favour of the Revenue.

(2.) The respondent-assessee, an individual, had sold shares and thereafter the sale proceeds of Rs.54,86,965/- were invested in construction of house property. Exemption was claimed under Section 54F of the Income Tax Act, 1961 (Act, for short) in the return of income filed for Assessment Year 2009-10. Amount of Rs.37,99,000/- was utilised in the construction before date of filing of return and Rs.16,87,965/- was deposited in a capital gains account in the prescribed bank on 24th July, 2009 i.e., before the due date of filing of the return.

(3.) The Assessing Officer rejected the claim for benefit under Section 54F of the Act on two grounds. Firstly, he held that the construction of the house had commenced before the date of sale of shares and secondly, the construction was not completed within three years after the date of said sale.

Click here to view full judgment.

COMMISSIONER OF INCOME TAX XV Vs. BHARTI MISHRA

Referred Judgements :-

JUDGEMENT

QUick Links

Get in Touch

Email

Contact Numbers

Address