Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2023 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2023 (1) TMI 668 - ITAT DELHIExemption u/s 54F - STCG or LTCG - date of transfer of asset u/s 2(47) - when did transfer took place? - HELD THAT:- The property in reference' (1st Floor) came into existence only after the Occupancy Certificate has been obtained. Before this, 'the first floor' was never in existence. Provision of Section 2(47) of the Act read with Section 53A of the Transfer of Properties Act, 1882, are not applicable to the facts of the present case as the appellant never obtained the possession of the 1st Floor on 26.05.2011 from which capital gain has accrued. Moreover, in order to comply with the provision of Section 53A of the Transfer of Properties Act, it is essential that the possession should combine with the part/ full payment also, which are not the facts of the present case. As the appellant has acquired 'the 1st floor of the immovable property situated at Section 15A, Faridabad' on 12.12.2012. It is, therefore, held that the AO was justified in treating the same as short-term capital asset and denying the benefit of deduction - Decided in favour of revenue.
|