JOINT COMMISSIONER OF INCOME-TAX (OSD),CIRCLE -7, PUNE vs. SANTOSH SURESH GUPTA, PUNE

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ITA 6/PUN/2018Status: DisposedITAT Pune05 August 2021AY 2013-147 pages

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

AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that Section 54F requires construction to be undertaken and the net consideration to be invested within the stipulated period, not necessarily completion of construction. The emphasis is on the act of constructing and investing.

What were the facts?

The assessee, a builder, claimed exemption under Section 54F for investing capital gains in constructing a residential house. The Assessing Officer disallowed the exemption as the construction was incomplete within three years of the asset transfer.

What were the issues?

Whether completion of construction of a residential house is a mandatory condition for claiming exemption under Section 54F, or if starting construction and investing the net consideration within the stipulated period is sufficient.

Which sections of the Income-tax Act were involved?

Section 54F

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, PUNE BENCH, ‘B’ PUNE – VIRTUAL COURT

Before: SHRI R.S. SYAL & SHRI S.S. VISWANETHRA RAVI

For Appellant: Shri Krishna Gujarathi
For Respondent: Shri Sudhendu Das

आदेशानुसार/ BY ORDER, // True Copy // Senior Private Secretary आयकर अपीलीय अदिकरण ,पुणे / ITAT, Pune Date 1. Draft dictated on 05-08-2021 Sr.PS 2. Draft placed before author 05-08-2021 Sr.PS 3. Draft proposed & placed before JM the second member 4. Draft discussed/approved by JM Second Member. 5. Approved Draft comes to the Sr.PS Sr.PS/PS 6. Kept for pronouncement on Sr.PS 7. Date of uploading order Sr.PS 8. File sent to the Bench Clerk Sr.PS 9. Date on which file goes to the Head Clerk 10. Date on which file goes to the A.R. 11. Date of dispatch of Order. *

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