Humayun Suleman Merchant v. CCIT

387 ITR 421High Court2016#2908 most cited

What is Humayun Suleman Merchant v. CCIT authority for?

An assessee is not entitled to the full deduction under section 54F if the capital gains were not utilized for the construction of a new house or deposited in the specified bank accounts before filing the return of income. In such cases, the exemption is restricted proportionately to the amount invested.

41

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2016 to 2026.

Also referred to as

Humayun Suleman Merchant v. CCIT · section 54F · section 54F(4) · capital gains · unutilized amount · deposit in bank account · return of income · proportionate deduction · construction of new house

Also reported as

73 Taxmann.com 2

Sections most often in play

Section 54FSection 139(1)Section 143(3)Section 54Section 139(4)Section 54F(1)Section 54F(4)Section 139

Issues it is cited on

section 54(2)section 54f(1)section 54(1)long-term capital assetsection 54fdate of transfersection 54section 139(4)section 45long term capital gainsection 139(1)income-tax officer

Judgments citing Humayun Suleman Merchant v. CCIT

ITO WD 2(4), Thane vs. Shiv Om Universal, Badlapur

In the result, the Revenue’s appeal is dismissed

ITA 6754/MUM/2014[2008-09]Status: DisposedITAT Mumbai22 Sept 2016AY 2008-09
For Appellant: Shri Vachaspati TripathiFor Respondent: Shri Shriram Bajaj
Section 143(3)Section 80

…आयकर अपील"य अ"धकरण “ई” "यायपीठ मुंबई म"। IN THE INCOME TAX APPELLATE TRIBUNAL “E” BENCH, MUMBAI BEFORE SHRI SANJAY ARORA, AM AND SHRI PAWAN SINGH, JM आयकर अपील सं./I.T.A. No.6754/Mum/2014 ("नधा"रण वष" / Assessment Year: 2008-09) Income Tax Officer, Shiv Om Universal, बनाम/ Ward 2(4), A-10, Ganesh Krupa, Mumbai Near Sneha Building, Katrap, Vs. Badlapur (E)-421 503 "थायी लेखा सं./जीआइआर सं./PAN/GIR No. AAVFS 5403 J (अपीलाथ" /Appellant) (""यथ" / Respondent) : अपीलाथ" क" ओर से / Appellant by : Shri Vachaspati Tripathi ""यथ" क" ओर से/Respondent by : Shri Shriram Bajaj सुनवाई क" तार"ख / : 02.06.2016 Date of Hearing घोष…