Purchase Of New House Without NOC From AO Within 2 years: ITAT Allows Capital Gain Exemption
2 years, 4 months ago

Purchase Of New House Without NOC From AO Within 2 years: ITAT Allows Capital Gain Exemption

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The Income Tax Appellate Tribunal, Delhi Bench has held that the capital gain exemption is allowable even when the amount invested in a capital gain account is utilised for the purchase of a new house without a NOC from AO within 2 years. The assessee has derived income from house property, capital gains, and income from other sources. The AO observed that the capital gain account had been closed without the approval of the Assessing Officer. Hence, the observation of CIT that the assessee is not eligible for a claim of exemption under sections 54 and 54F is against the provisions of the Income Tax Act.

History of this topic

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4 days, 14 hours ago
AO Cannot Assess 'Other Incomes' If No Addition Is Made On Account Of 'Reasons' For Which Reassessment U/S 147 Of IT Act Was Initiated: Delhi HC
3 weeks ago
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1 month ago
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1 month ago
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1 month, 1 week ago
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4 months ago
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4 months ago
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4 months, 1 week ago
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4 months, 3 weeks ago
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4 months, 3 weeks ago
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5 months ago
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5 months, 2 weeks ago
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6 months, 2 weeks ago
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6 months, 2 weeks ago
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6 months, 2 weeks ago
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7 months, 2 weeks ago
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7 months, 2 weeks ago
Section 54F Does Not Envisage That Sale Consideration Obtained From Original Capital Asset Is Mandatorily Utilized For Meeting Cost Of New Asset: Delhi ITAT
7 months, 3 weeks ago
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8 months, 2 weeks ago
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8 months, 2 weeks ago
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8 months, 3 weeks ago
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9 months ago
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9 months ago
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9 months ago
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9 months, 1 week ago
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9 months, 1 week ago
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10 months, 2 weeks ago
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11 months ago
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1 year ago
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1 year ago
ITAT Deletes Income Tax Addition Of Rs.2.30 Crores As AO Failed To Mention Investment Outside The Books Of Accounts
1 year, 1 month ago
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1 year, 4 months ago
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1 year, 5 months ago
Joint Ownership Of The Property Is No Bar In Claiming Exemption Under Section 54F Of The Income Tax Act: ITAT
1 year, 6 months ago
Income Derived From Sale Of Agricultural Land Is Not A Capital Asset: ITAT
1 year, 6 months ago
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1 year, 6 months ago
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1 year, 6 months ago
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1 year, 7 months ago
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1 year, 7 months ago
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1 year, 7 months ago
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1 year, 7 months ago
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1 year, 7 months ago
Section 50C Cannot Be Applied On Compulsory Acquisition Of A Capital Asset: Calcutta High Court
1 year, 9 months ago
Section 14A Disallowance Not Warranted If No Exempt Income Is Earned: ITAT
1 year, 10 months ago
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1 year, 10 months ago
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1 year, 11 months ago
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2 years, 2 months ago
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2 years, 4 months ago
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2 years, 5 months ago

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