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2015 (3) TMI 1014 - AT - Income TaxExemption u/s 54F - CIT(A) allowed the claim - Plea raised by the the Revenue was that the money was paid earlier i.e. prior to the window year allowed under section 54F of the Act - Held that - In addition to the reasons for acquisition of two independent 9 flats being one flat the next contention of the assessee was vis- -vis the date of purchase of the property and it was admitted by the assessee that the agreements for purchase of flats though were executed on 19.11.2004 but the possession was obtained in April 2007 in respect of which the assessee furnished the copies of occupancy certificate issued by PMC in respect of the impugned flats dated 18.03.2008 and the first bill of MSEB dated 14.08.2007 in respect of combined flats i.e. flat Nos.304A and 304B. All these documents the assessee claims to have filed before the Assessing Officer but the CIT(A) confronted the same to the Assessing Officer in appellate proceedings and remand report was received from the Assessing Officer. In the remand report the Assessing Officer mentioned that the occupancy certificate issued by PMC confirms the fact that the construction was completed and building was ready for occupation during the previous year relevant to assessment year 2008-09. Similarly in respect of electricity bill the verification carried out by the Assessing Officer reflected that the bill was issued during the previous year relevant to assessment year 2008-09. Another evidence filed by the assessee was the temporary possession letter dated 20.04.2007 issued by the builder which the Assessing Officer admitted that the assessee had furnished during the course of assessment proceedings In view of the evidences and the remand report of the Assessing Officer it is apparent that the assessee had received the possession of the two flats in City Woods complex during the captioned assessment years though the agreement of purchase of the said flats was executed on 19.11.2004.In view of the above said facts and circumstances and evidences filed by the assessee before the CIT(A) we confirm the observation of CIT(A) in this regard that the assessee had purchased the said flats in instant assessment years under appeal. The next aspect of the issue was the purchase of two separate flats vide two separate sale deeds. In the facts of the case the assessee had purchased two flats which were joined by the assessee and had a common entrance and a common electricity meter. In view thereof we find no merit in the order of Assessing Officer and confirming the order of CIT(A) we hold that the assessee in the facts and circumstances is entitled to the claim of deduction under section 54F of the Act in view of the following ratio laid down by the Hon ble Karnataka High Court in CIT Vs. D.Ananda Basappa 2008 (10) TMI 99 - KARNATAKA HIGH COURT - Decided in favour of assessee.
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