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Tax Publishers
Deduction under section 54F - stamp paper validity
whether 6 months
Facts:
Assessee
purchased a residential bungalow on 05-05-2014 and claimed deduction under
section 54F against assignment/sale of MIDC plots on 10-04-2015 which were
registered on 06-07-2015 consequential to obtaining permission from MIDC to
assign the said properties. It was noticed by the AO that the agreements on
which the assignment of plots had happened was dated more than 6 months; thus
citing that the assignment was only an afterthought deduction under
section 54F was denied which was upheld by the CIT(A) as well. On higher appeal
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Held
in favour of the assessee that he was entitled to the deduction under section
54F. The stamp act does not specify anywhere as to what its validity is of a
stamp paper. All that section 54 of the act says is if the stamp paper is not
used within 6 months then a refund may be sought for its value from the
collector.
Applied:
Thiruvengada Pillai v. Navaneethammal & Anr. in [Writ
Petition (Civil) 290 of 2001, dt. 19-2-2008]
Case: Rajendra Supadu Jadhav v. Dy. CIT 2023 TaxPub(DT) 3626 (Pun-Trib)
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