MR. SHANNIR AHMED PEER MOHD.SHAIH,MUMBAI vs. ITO-23(3)(3), MUMBAI

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ITA 1506/MUM/2019Status: DisposedITAT Mumbai15 June 2022AY 2012-137 pages

In favour of the Revenue: the assessee's appeal was dismissed. From the AI summary of this appeal.

AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the disallowance of the investment claim made under Section 54F of the Act was confirmed. The unregistered sale agreements were a key factor in this decision.

What were the facts?

The assessee claimed exemption under Section 54F for investment in a new house after selling three immovable properties. The sale consideration for these properties amounted to Rs. 40,00,000. However, the agreements for the sale of these properties were not registered.

What were the issues?

The primary issue was whether the assessee was eligible for exemption under Section 54F when the sale agreements for the original property were not registered.

Which sections of the Income-tax Act were involved?

Section 54F

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “G” BENCH, MUMBAI

Before: SHRI VIKAS AWASTHY & SHRI AMARJIT SINGH

Hearing: 20.04.2022Pronounced: 15.06.2022

आदेश की प्रतितिति अग्रेतिि/Copy of the Order forwarded to : 1. अपीलाथी / The Appellant 2. प्रत्यथी / The Respondent. 3. संबंधधत आयकर आयुक्त / The CIT(A) 4. आयकर आयुक्त(अपील) / Concerned CIT धिभागीय प्रधतधनधध, आयकर अपीलीय अधधकरण, अहमदाबाद / DR, ITAT, Mumbai 5. 6. गार्ड फाईल / Guard file.

आदेशानुसार/BY ORDER, सत्याधपत प्रधत //True Copy//

(Asst. Registrar) ITAT, Mumbai

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