KRISTINA NATHABHAI KRICHCHAN,SURAT vs. DY. COMMISSIONER OF INCOME TAX, CIRCLE-2(3), SURAT
In the result, appeal filed by the assessee is allowed
ITA 349/SRT/2022[2016-17]Status: DisposedITAT Surat26 Jun 2023AY 2016-17
Bench: Shri Pawan Singh, Jm & Dr. A. L. Saini, Am आयकर अपील सं./Ita No.349/Srt/2022 "नधा"रण वष"/Assessment Year: (2016-17) (Physical Hearing) Kristina Nathabhai Krichchan, Vs. The Dcit, Circle-2(3), 2/4, Zankhana Apartment, Surat. 21 Narmad Nagar Society, Athwalines, Surat – 395001. (Assessee) (Respondent) "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Dwipk2888D Assessee By Shri P. M. Jagasheth, Ca Respondent By Shri Ashok B. Koli, Cit(Dr) 10/05/2023 Date Of Hearing Date Of Pronouncement 26/06/2023
Section 142(1)Section 143(2)Section 143(3)Section 271(1)(c)Section 271FSection 54B
54B of the Act is allowable as the transaction is enforceable in the eyes of the law.
11. On the identical facts, Hon`ble High Court of Delhi in the case of Balraj, [2002] 123 Taxman 290 (Delhi) held that section 54 of the Act speaks of purchase only and for availing benefit under this section, it is not necessary
