Allowing the appeal the Tribunal held that\u00a0\u00a0 the cost of the new asset was not less than the net consideration. Thus, the whole of the capital gains would not be charged even if the capital gains had been computed adopting the value adopted by the stamp registration authority. When the assessee had invested entire actual sale consideration received by him in the purchase and construction of the new house in accordance with the provisions of section\u00a054F(1)\u00a0thereafter the provisions of section\u00a050C\u00a0would not be applicable. The assessee is\u00a0 entitled to exemption under section\u00a054F\u00a0of the Act. Quantum of addition is deleted . Penalty is not sustainable . (AY. 2013-14)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 54F : Capital gains-Investment in a residential house-Investment of net consideration in construction of house-Full value of consideration-Deeming fiction is not applicable-Entitled to exemption-Penalty deleted. [S. 48, 50C, 139(4), 271(1)(c)] <\/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-44784","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-bEk","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/44784","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=44784"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/44784\/revisions"}],"predecessor-version":[{"id":44785,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/44784\/revisions\/44785"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=44784"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=44784"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=44784"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}