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Purchase of semi-finished flat to be treated as purchase of property for construction for sec. 54 claim

May 14, 2019[2019] 106 60 (Delhi - Trib.)/[2019] 177 ITD 92 (Delhi - Trib.)

IT: Where assessee having sold residential property, utilised sale consideration for booking a semi-finished flat with a builder by periodic payment of instalments and assessee had to carry out internal fit-outs to make said flat liveable on its own, same was to be treated as case of construction of property and not purchase of property for claiming exemption under section 54

IT: Whether where for assessment year 2012-13, assessee had invested a sum of Rs. 50 lakhs each in two different financial years within a period of six months from date of transfer of capital asset, he was eligible for exemption under section 54EC

IT: Where Assessing Officer made additions to assessee's income in respect of maintenance charges received from tenants of assessee's shop in a mall, in view of fact that no maintenance charges were received by assessee and same was confirmed by tenants, and same was also got confirmed from perusal of bank statements, TDS certificate and details reflected in Form 26AS, impugned addition was to be deleted
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