Taxpayer fails to Construct Residential House within Prescribed Time: ITAT disallows Section 54 Deduction under Income Tax Act [Read Order]
The assessee had not constructed the residential house within the prescribed time and in fact had not constructed a residential house at all on or before 25.09.2017 which could be construed as a residential house, habitable for its dwelling
In a recent ruling, the Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) disallowed the claim of deduction under Section 54 of the Income Tax Act,1961, because the taxpayer failed construct a residential house within the prescribed time. The issue to be decided was whether the assessee would be eligible for claiming…
Your free access to Taxscan has Expired
To read the article, get a premium account.
Taxscan Premium
Why should you subscribe?
Enjoy our website without interruptions from advertisements
Receive Daily newsletters
Receive realtime Telegram/Whatsapp news updates
Download original Judgements / Order / Notifications / Circulars, etc