Investment out of cash accumulated by assessee accepted

Santokh Ram ITA 24/2011 dated 25-7-2012 of ITAT ASR


The cases relied upon by the assessee are as under:
 i) Shivcharan Dass vs. CIT 126 ITR 263 (P&H)
ii) Bhawna Sareen vs DCIT, Jalandhar, ITA No.217(Asr)/2010 (Amritsar Bench).
iii) ITO vs. Chaman Lal Nagpal , ITAT, Amritsar Bench (2006) 102 TTJ(Asr) 890.
iv) Asstt. CIT vs. Jagdish Raj Chauhan, ITAT, Amritsar  Bench (2006) 100 TTJ (Asr) 64
v) CIT vs. K. Sreedharan 201 ITR 1010
vi) R.K.Dave vs. Ito , ITAT Jodhpur Bench (2005) 94 TT

S. 54F exemption can be claimed if amount invested although construction not completed

IN THE ITAT AMRITSAR BENCH

Smt. Usha Vaid

v.

Income-tax Officer, Dasuaya

IT Appeal No. 98 (Asr.) of 2011

[Assessment year 2006-07]

July 27, 2012

This view is supported by the decision of the Hon’ble Madras High Court in the case of  CIT vs. Sardar Mal Kuthari 302 ITR 286. The Ld. counsel for the assessee has also placed reliance on the following decisions : 

i)  Mrs. Seetha Subramanian vs. ACIT 56 TTJ 417 (Mad)  

ii)  Smt. Ranjit Sandhu vs. DCIT 133 TTJ (Chd)(UO) 46 (2010). 

S.54 and S.54EC can be claimed simultaneously

IN THE ITAT MUMBAI BENCH ‘D’

Assistant Commissioner of Income-tax, Cr-23(2)

v.

Deepak S. Bheda

IT APPEAL NO. 5011 (MUM.) 2010

[ASSESSMENT YEAR 2007-08]

JUNE 15, 2012