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2018 (10) TMI 1643 - AT - Income TaxBenefit of exemption u/s 54 - property was transferred by a General Power of Attorney - Held that:- Circular directing Registrars not to register conveyance of immoveable property by a General Power of Attorney was contrary to the observation of the Hon’ble Apex Court and was liable to be set aside. In the assessee’s case, the only objection of the various authorities to allowing the benefit of claim made u/s 54 of the Act is that the property was transferred by a General Power of Attorney. The payment had been made from the husband to the wife for purchase of property is undisputed and is evidenced by the bank statement of the assessee’s wife. Further, possession letter is also on record. Therefore, in view of the binding judgment in the case of Pace Developers & Promoters (P) Ltd. vs Government of NCT (2013 (5) TMI 421 - DELHI HIGH COURT), we are unable to concur with the findings of the lower authorities and we set aside the order of the Ld. CIT(A) and direct the Assessing Officer to allow benefit of exemption u/s 54 of the Act to the assessee. - Decided in favour of assessee.
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