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Facts
The assessee claimed deduction under Section 54F on sale of a residential property, which was leased to a bank. The Assessing Officer disallowed the deduction, treating the property as commercial. The CIT(A) upheld this.
Held
The Tribunal held that while Section 54F was not applicable as the property was leased to a bank, the assessee could claim deduction under Section 54. The AO was directed to allow the claim under Section 54 after verification.
Key Issues
Whether the property leased to a bank qualifies for deduction under Section 54F and alternatively under Section 54 of the Income Tax Act.
Sections Cited
250, 143(3), 54F, 143(2), 142(1), 54
AI-generated summary — verify with the full judgment below
Income Tax Appellate Tribunal, JAIPUR BENCHES,”A” JAIPUR
Before: SHRI GAGAN GOYAL, AM & SHRI NARINDER KUMAR, JM vk;dj vihy la-@ITA No. 1462/JP/2024
Result
In view of above reasons and findings, this appeal is partly allowed and matter is remitted to the Ld. AO allowing the claim of the assessee u/s. 54 of the Act for limited purposes only, i.e. considering the relevant figures for the purposes of section 54 of the Act. by the office.
Order pronounced in the open court on 06/03/2025.
Sd/- Sd/- ¼ujsUnz dqekj½ ¼xxu xks;y ½ (NARINDER KUMAR) (GAGAN GOYAL) U;kf;d lnL;@aJudicial Member ys[kk lnL;@Accountant Member Tk;iqj@Jaipur fnukad@Dated:- 06/03/2025 *Ganesh Kumar, Sr. PS की प्रतिलिपि अग्रेf’ात@ब्वचल वf जीम वतकमत वितूंतकमक जवरू 1. The Appellant- Jai Singh Sethia, Jaipur 2. izR;FkhZ@ The Respondent- DCIT/ACIT, Circle-02, Jaipur vk;dj vk;qDr@ The ld CIT 3. vk;dj vk;qDr¼vihy½@The ld CIT(A) 4. विभागीय प्रतिनिधि] आयकर अपीलीय अधिकरण] जयपुर@क्त्ए प्ज्Aज्ए Jंपचनत 5. 6. xkMZ QkbZy@ Guard File (ITA No. 1462/JP/2024) vkns'kkuqlkj@ By order,
सहायक पंजीकार@Aेेज. त्महपेजतंत