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2011 (9) TMI 243 - ITAT MUMBAIDeduction u/s 54 - Late registration of transfer documents - Capital gain from sale of flat in the Joint name of two assessee - membership of a co-operative society - held that:- both assessees before us not only received the full consideration and handed over the possession of the flat but also handed over the various documents which were necessary for transfer. - Held that:- We fail to understand what colourable device has been used by the assessee for which AO has applied the decision of McDowell [1985 (4) TMI 64 - SUPREME Court]. - The legal position clearly shows that the transfer deed dated 30-4-04 clearly transferred all the rights of the assessee to the transferees and, therefore, in our opinion, that transfer deed should be construed as the deed of transfer. - the date of transfer for the old property has to be reckoned as 30-4-04 which is well within one year from the date of acquisition of new deed on 25-6-03. Therefore, in our opinion, assessee is entitled to exemption u/s.54.
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