The assessee and his spouse were residing on\u00a0 monthly tenancy for more than thirty years\u00a0 Owner entering into development agreement for development of building.\u00a0 Two flats in new building is allotted to assessee and spouse. The Assessing Officer taxed the entire\u00a0 market value as consideration as income of the assessee. on appeal the CIT(A) held that \u00a0relinquishment of tenancy rights in lieu of allotment of new flat is\u00a0 entitle to exemption under section 54F of the Act. On appeal by the Revenue, the Tribunal affirmed the order of the CIT(A). \u00a0The Tribunal also held that\u00a0 there is no mechanism to ascertain the details of the legal representative of the assessee, except seeking the help of the Assessing Officer. Since more than 18 months had passed, there was no option but either to dismiss the appeal for want of proper prosecution at the end of the Revenue, or decide the appeal on the relevant material available. The Tribunal decided the appeal on merits.\u00a0 (AY. 2014-15) \u00a0\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"
S.54F : Capital gains-Investment in a residential house-Monthly tenancy-Owner entering into development agreement \u2013Development of building-Two flats in new building is allotted to assessee and spouse-Market value as consideration-Relinquishment of tenancy rights in lieu of allotment of new flat-Entitle to exemption \u2013Power of Tribunal-Death of the assessee during pendency of appeal-Tribunal has the power to decide the appeal on the relevant material [S. 45, 254(1), ITAT R.1963, R.26] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-43961","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-br3","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/43961","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=43961"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/43961\/revisions"}],"predecessor-version":[{"id":43962,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/43961\/revisions\/43962"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=43961"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=43961"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=43961"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}