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2013 (11) TMI 416 - AT - Income TaxExemption under section 54EC - Held that:- developer was held to have taken possession on account of the irrevocable licence granted to him to enter upon the property whereas in the instant case no such finding was given by the tax authorities. In fact the learned CIT(A) opined that the date of handing over of possession in the instant case was 20.09.2005, and based on this factual premise it has to be held that the transfer had taken place in the previous year relevant to A.Y. 2006-07. Reckoned from the date of possession, i.e., 20.09.2005, the assessee having invested the money within six months in long term specified asset, the benefit of exemption under section 54EC deserves to be extended to the assessee in the instant case - Following decision of Chaturbhuj Dwarkadas Kapadia Versus Commissioner of Income-Tax [2003 (2) TMI 62 - BOMBAY High Court] - Decided in favour of assessee.
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