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2018 (11) TMI 511 - AT - Income TaxEligibility towards claim of deduction u/s 54 - new residential property purchased by the assessee beyond the stipulated period of one year before the transfer of the property under consideration - claim of deduction was declined by the A.O, for the reason that the ‘agreement to purchase’ the new residential property entered into by the assessee on 29.01.2009 fell beyond the period of one year prior to the date on which the property under consideration had been transferred - Held that:- Admittedly, though the assessee had entered into an agreement to purchase the new property viz. A-801, Lodha Luxuria on 29.01.2009, but then the possession of the same was delivered to her only as on 18.05.2012. We are persuaded to subscribe to the claim of the ld. A.R that the purchase of new residential property would be substantially effected on the date when the assessee had paid the full consideration on the flat becoming ready for occupation and had obtained possession of the same. In the backdrop of our aforesaid observations, we are of the considered view that as the possession of the new residential property was delivered to the assessee on 18.05.2012 i.e. within a period of one year prior to the transfer of the property under consideration, thus the purchase of the same could safely be held to have been substantially effected on the said date. As relying on COMMISSIONER OF INCOME-TAX VERSUS SMT. BEENA K. JAIN [1993 (11) TMI 7 - BOMBAY HIGH COURT] the date of final occupation of the new residential property under consideration i.e 18.05.2012 shall be taken as the date of acquisition of the same by the assessee for the purpose of determining her eligibility towards claim of deduction under Sec. 54 of the Act.
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