KIRAN JAIN, AMBIKAPUR,AMBIKAPUR vs. INCOME TAX OFFICER, WARD-1, AMBIKAPUR, AMBIKAPUR

ITA 269/RPR/2026Status: DisposedITAT Raipur22 July 2026AY 2014-1511 pages
AI SummaryAllowed

What were the facts?

The assessee sold a capital asset and claimed deduction under Section 54F for constructing a new house. However, the deduction was denied because the new house was registered in the name of the assessee's husband, not the assessee.

What did the Tribunal hold?

The Tribunal held that the land sold was a capital asset as it was situated within the Municipal Corporation. It further held that the deduction under Section 54F should not be denied on hyper-technical grounds, especially when the source of capital gain and investment in the new asset are not disputed.

What were the issues?

Whether the land sold qualifies as a capital asset, and whether deduction under Section 54F can be denied solely because the new asset is registered in the name of the assessee's husband.

Which sections of the Income-tax Act were involved?

Section 54F,Section 45,Section 2(14)(iii)(a)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, RAIPUR BENCH “SMC”, RAIPUR

Before: SHRI PARTHA SARATHI CHAUDHURY

For Appellant: Shri Shubham Agrawal, CA
For Respondent: Shri Piyush Tripathi, Sr. DR
Hearing: 21.07.2026Pronounced: 22.07.2026

PER PARTHA SARATHI CHAUDHURY, JM The present appeal preferred by the assessee emanates from the order of the Ld.CIT(Appeals)/NFAC, Delhi dated 01.01.2026 for the assessment year 2014-15 as per the grounds of appeal on record.

2.

In this case, the assessee had sold capital asset for an amount of Rs.36,09,400/- and immediately started construction of house for an amount of Rs.33,80,000/- as evident from certificate given by Engineer. The new constructed house was registere

The order continues below.

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