Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (5) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (5) TMI 1014 - AT - Income TaxBenefit of deduction u/s. 54 - major amount was invested 3 years prior to present sale and purchase agreement was also registered at that time and thus the condition of prior purchase within one year of sale was not fulfilled - whether the date of purchase of property completed on 13.12.2011 falls within a period of one year from the date of sale is covered under the provision of section 54? - Held that:- An identical issue came up for hearing in the case of the CIT vs. Smt. Beena K. Jain (1993 (11) TMI 7 - BOMBAY High Court) wherein has held that the Tribunal is justified in granting exemption to the assessee on the basis of date of possession of the flat when the balance consideration was paid. Thus the relevant date for the purpose of section 54 of the Act was 13.12.2011 when the petitioner paid final consideration amount on the flat and the possession was taken. - Decided against revenue
|