This Digest of case laws is prepared by KSA Legal and AIFTP from judgements reported in BCAJ, CTR, DTR, ITD, ITR, ITR (Trib), Chamber's Journal, SOT, Taxman, TTJ, BCAJ, ACAJ, www.itatonline.org and other journals
Click here to download the pdf versions of the Digest of case laws

S. 54F : Capital gains-Investment in a residential house-Construction of house–Single house constructed by assessee within three years of sale of land-Entitle for exemption. [S. 45]

Munish Singla v. ACIT (2019) 177 ITD 529 (Chd.)(Trib.)

S. 54F : Capital gains-Investment in a residential house-Capital gain account scheme- Deposited before expiry of date of filing of return u/s. 139(4)-Entitle to exemption. [S.45, 139(4)]

ITO v. Nilima Abhijit Tannu (2019) 177 ITD 308 (Mum.)(Trib.)

S. 54F : Capital gains-Investment in a residential house-Claim was raised first time before the Tribunal-Matter remanded for adjudication.[S. 254(1)]

Kishore Hira Bhandari. v. ITO (2019) 177 ITD 565 /( 2020) 205 TTJ 591(Mum.)(Trib.)

S. 54EC : Capital gains-Investment in bonds–Investment of 50 lakhs each in two different financial years–Eligible for exemption. [S. 45]

ACIT v. Seema Sobti. (2019) 177 ITD 370 / 181 DTR 132 (Delhi)(Trib.)

S. 54 : Capital gains-Profit on sale of property used for residence–Booking of semi finished flat with builder-Carry out internal fit-outs to make it liveable on its own-treated as construction of property and not purchase of property, same was to be treated as case of construction of property and not purchase of property- Entitle to exemption. [S. 45]

ACIT v. Seema Sobti. (2019) 177 ITD 370 / 181 DTR 132 (Delhi)(Trib.)

S. 54 : Capital gains-Profit on sale of property used for residence– Due to ignorance the deduction is claimed u/s. 54F instead S.54– Exemption cannot be denied.[S. 54F]

ACIT v. Jai Kumar Gupta (HUF) (2019) 177 ITD 558 (Mum.)(Trib.)

S. 54 : Capital gains-Profit on sale of property used for residence–Failure to obtain possession of plot with in period of three years- Exemption cannot be denied. [S. 45]

Varun Seth v. ACIT (2019) 177 ITD 499/ 182 DTR 1 (Delhi)(Trib.)

S. 54 : Capital gains-Profit on sale of property used for residence-Right of allotment–Surrender of rights-Held more than three years –Compensation assessable as long term capital gains-Entitle to exemption in relation to investment in new flat. [S. 2(47)(ii), 45, 47]

ACIT v. Ashwin S. Bhalekar (2019) 74 ITR 5 (Mum.)(Trib.)

S. 50C : Capital gains-Full value of consideration-Stamp valuation –Report of DVO–CIT(A) is bound to issue notice Valuation officer –Matter remanded. [S. 45]

Lovy Ranka v. DCIT (2019) 177 ITD 321 (Ahd.)(Trib.)

S. 50C : Capital gains-Full value of consideration-stamp valuation- Date of agreement-Registration- Value adopted or assessed or assessable by stamp valuation authority on date of agreement is to be taken for purpose of computing full value of consideration for such transfer-Matter remanded. [S. 45]

Kishore Hira Bhandari v. ITO (2019) 177 ITD 565/ ( 2020) 205 TTJ 591 (Mum.)(Trib.)