Monday, August 20, 2018

No denial of sec. 54 relief just because assessee didn't utilize capital gains for purchase of new house

IT : Where assessee purchased new residential house before sale of another residential house owned by him, in view of fact that all other conditions stipulated under section 54(1) were complied with, his claim for deduction under section 54 was to be allowed

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AO can’t disallow cost of improvement merely relying on enquiries made with assessee’s neighbour: ITAT

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