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2019 (1) TMI 399 - AT - Income TaxRevision u/s 263 - claim for deduction u/s 54 denied - whether the assessee has purchased within one year before the date of transfer one residential house? - Held that:- residential property sold on 24.08.2012. Although the agreement for the residential house at Andheri was entered on 22.07.2009, possession of the said house was given to the assessee on 27.08.2012 by the builder Kamla Landmarc Properties Pvt. Ltd. In the instant case, as mentioned earlier, the payments have been made before one year of the transfer of residential property sold on 24.08.2012. The possession of the said house was given to the assessee on 27.08.2012 by the builder Kamla Landmarc Properties Pvt. Ltd. We find that the ratio laid down in Smt. Beena K. Jain [1993 (11) TMI 7 - BOMBAY HIGH COURT] by the Hon’ble Bombay High Court squarely applies to the instant case. Following the same, we set aside the order u/s 263 - decided in favour of assessee
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