Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2020 (11) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (11) TMI 773 - ITAT MUMBAIRevision u/s 263 - reexamine the claim of deduction u/s 54 by construing the investment made in a new residential flat as the case of acquisition and not construction - HELD THAT:- It is well-settled that immovable property is not conveyed by delivery of possession, but by a duly registered deed. Further, it is the date of execution of registered document, not the date of delivery of possession or the date of registration of document which is relevant. Once the executed documents are registered, the transfer will take place on the date of execution of documents and not on the date of registration of documents as held in Alapati Venkataramiah v. CIT [1965 (3) TMI 21 - SUPREME COURT], CIT v. Podar Cements Pvt. Ltd. [1997 (5) TMI 2 - SUPREME COURT] and CIT v. Vishnu Trading & Investment Co. [2002 (2) TMI 31 - RAJASTHAN HIGH COURT] In Malabar Industrial Co. Ltd v [2000 (2) TMI 10 - SUPREME COURT] it is held that the Commissioner has to be satisfied with the twin conditions, namely, (i) the order of the Assessing Officer sought to be revised is erroneous; and (ii) it is prejudicial to the interests of the revenue. If one of the conditions is absent- if the order of the Assessing Officer is erroneous but is not prejudicial to the revenue or if it is not erroneous but is prejudicial to the revenue- recourse cannot be had to section 263(1) of the Act. Thus the order of the Pr. CIT u/s 263 of the Act is hereby quashed. - Decided in favour of assessee.
|