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Rectification of mistake - assessee is not entitled for capital gains deduction in respect of the investments made u/s 54EC - whether the buyer has not become full owner of the transferred asset on that date since the contents of clauses (4) and (8) were not met? - Held that:- The date of registration of the property is not to be reckoned for the purpose of computing the timing of reinvestment of the capital gains when the said sale deed recited clause (4), which is extracted above. Since, the final payment is made only in January 2008 in accordance with the said clause (4) of the agreement, the original assessment order passed by the AO is proper and it does not call for any rectification. Consequently, the rectification order passed by the AO u/s 154 of the Act suffers from illegality. Further, we find, the case laws cited by the CIT (A) are not on the similar facts as in the case of the assessee. - Decided in favour of assessee





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