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2018 (11) TMI 640 - AT - Income TaxRevision u/s 263 - erroneous claim of deduction u/s 54 - date for reckoning the deduction u/s 54 - Held that:- In the submissions made before the AO, the assessee has convinced the AO that the date for reckoning the deduction u/s 54 for trasferring the property was 29.06.2008. Since the AO has taken a conscious decision after verification of the complete information the and the same is one of the possible views as per law, the assessment order passed u/s 143(3) r. w. s. 147 not be held to be erroneous. Though prima facie, there appears to be some confusion with regard to the reckoning the date of transfer of the property, whether it is to be reckoned from the date of agreement or from the date of sale deed, on the set of facts both the views are possible thus it amounts to difference of opinion between the AO and the Pr. CIT, but not render the order erroneous. Since there is no error in the order passed by the AO, we hold that the Pr. CIT has incorrectly taken up the case for revision u/s 263 and the same is unsustainable. The assessee has acquired the land prior to the sale of property d completed the construction within the time limit allowed u/s 54 of the Act. The intention of the legislature for giving the benefit is to encourage housing in the country. Since the assessee has acquired the property d completed the construction within the period of limitation prescribed by the Act, we hold that the assessee’s case is squarely covered by the decision of this tribunal in the case of Dy. CIT,Circle-2(1) Vs. Dr CHALASANI MALLIKARJUNA [2016 (10) TMI 1032 - ITAT VISAKHAPATNAM]. Accordingly, we hold that the assessment passed by the AO u/s 147 r. w. s. 143(3) dated 27. 03. 2015 is neither erroneous nor prejudicial to the interest of the revenue - Decided in favour of assessee
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