phrase 'a residential house' used in Sub-section (1) of Sections 54 and 54F means one residential house or more than one residential ... between the provision of Section 5(1)(iv) of the WT Act, 1956 and the provisions of Section 54 / 54F of the Act inasmuch
adjacent flats
is not as per approved plans, exemption u/s 54 and u/s 54F
cannot be denied. Section 54 ... 54F does not speak about the
legality and illegality. Section 54 and section 54F speaks about
only investment in house property within the period specified
eligible
for the exemption under Section 54 . Dealing with the claim for relief
under Section 54F , the assessing officer held that the exemption
would ... concept introduced by the assessing
officer into the section. Section 54 / 54F requires the assessee to
acquire a "residential house" and so long
considering judicial pronouncement on the applicability of Sec. 54 and Sec.
54F of the IT Act, held that deduction is available for both the purchase ... under section 54 / 54F is not correct and
since the assessee has claimed 54/54F deduction, the assessment was reopened
under section 147 by issuing
page 4) stating that " issue of eligibility of exemption under
section 54 / 54F has been examined by assessing officer while passing assessment
order (refer ... that
during the original assessment the issue relating to exemption under section
54 / 54F of the Act have been examined by assessing officer
appellant
claimed from his long term capital gains u/s 54 and u/s 54F for reasons
which are wrong and incorrect and the appellant ... conditions in sections 54 and 54D stand fulfilled.
7. Ld. CIT (Appeals) should have considered that provisions of sections 54
and 54F do not require
residential property. In respect of his claim for exemption under Section 54 /
54F of the Act, the assessee claims to have purchased a site ... while granting relief, to the
assessee under Section 54F of the Act, the provisions of sections 54(1) and 54(2) of the
Act have
eligible
for the exemption under Section 54 . Dealing with the claim for relief
under Section 54F , the assessing officer held that the exemption would ... concept introduced by the assessing
officer into the section. Section 54 / 54F requires the assessee to acquire a
"residential house" and so long
Amendment to section 54F
ITA No. 3046/Bang/2018
Page 11 of 13
of the Act being para materia to section 54 ... purpose
of sec 54. The 4 residential flats cannot be construed as 4 residential
houses for the purpose of sec 54
under section 45 of the Income-tax Act.
20.2 The provisions contained in sub-section (1) of section 54F of the Income-tax
Act, before ... section (1)
of section 54 of the Income-tax Act has been amended to provide that the
rollover relief under the said section is available
