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2022 (2) TMI 486 - AT - Income TaxDeduction u/s 54 - assessee not able to obtain gainful possession of the property for availing the deduction of section 54 - delay in the project by the builder - assessee has made the payment to the builder within the stipulated time but there was some issue of obtaining the completion certificate by the builder, hence, there was some delay in handling over the possession - HELD THAT:- We find that assessee has complied with the condition mention under section 54 of the IT Act to claim the exemption. As pointed out by the assessee the handing over of the possession was delayed due to fault on the part of the builder and assessee has complied with the necessary condition of payment as required. There is a due agreement and part amount was paid. Accordingly, in such situation, the decision of Hon’ble Supreme court in the case of Sanjeev Lal [2014 (7) TMI 99 - SUPREME COURT] provides that part payment will also suffice the ingredients of transfer for the purpose of section 54 - Decided against revenue.
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