Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (8) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (8) TMI 1309 - AT - Income TaxReopening of the assessment u/s 147 - deduction u/s. 54(1) - investment made in the apartment at "Sapphire Heights" - AO observed that capital gain was short term capital gain and not long term, hence not eligible for exemption u/s 54 - Held that:- occupancy certificate was granted to the builder on 18.02.2009 meaning thereby upto 18.02.2009, the Assessee had not even acquired any right to occupy the flat. After occupancy certificate, the agreement to sale was executed on 06.03.2009, meaning thereby the assessee could get the possession of the flat on execution of the agreement of sale on 06.03.2009. This agreement to sell was claimed by the assessee to be sale deed was in fact an agreement to sale. Even the construction of the apartment was not started upto 17.11.2006 and the property was sold on 28.06.2009. From any angle, the capital asset was not held by the Assessee for more than 3 years. We are of the considered opinion the Revenue has rightly held this gain accrued on sale of this property as short term capital gain. Accordingly, we find no infirmity in the order of the CIT(A) and we confirm the same. - Decided against the assessee.
|