TMI Blog2013 (2) TMI 153X X X X Extracts X X X X X X X X Extracts X X X X ..... he Tribunal that there was no delivery of possession prior to 24.09.2004 nor the entire sale consideration received prior to execution of the sale deed.The appellant has received only Rs.15 lacs as the amount of earnest money out of total sale consideration of Rs.1.32 lacs. The balance payment was received only on 24.09.2004 Thus the date of agreement to sell can not be treated as date of trans ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 153 of 2012. The present appeal under Section 260-A of the Income Tax Act, 1961 (for short `the Act') arises out of an order passed by the Income Tax Appellate Tribunal, Chandigarh Bench `B', Chandigarh (for short 'the Tribunal') on 20.01.2012 pertaining to assessment year 2005-2006 holding that the appellant is not liable to deduction under Section 54 of the Act. The assessee has claimed that t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n the eyes of law? (iii) Whether in facts and circumstances of the case, the action of the ld. Courts below in denying deduction on account of amount spent on construction of new asset despite the fact that the details of the payments made to various persons has been made available on record and by ignoring substantial documented evidence placed on record is legally unsustainable in the eyes of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... deed was executed on 24.09.2004 when the entire sale consideration amounting to Rs.1.32 crores was received. The appellant purchased another property bearing House No.528, Sector 8, Chandigarh vide sale deed dated 31.04.2003 and claimed deduction from the levy of capital gain in respect of sale consideration received from the transfer of property in Sector 9, Chandigarh. The learned Tribunal hel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .09.2004. A finding of fact has been recorded by the Tribunal that there was no delivery of possession prior to 24.09.2004 nor the entire sale consideration received prior to execution of the sale deed. In view of the said fact, the date of agreement to sell can not be treated as date of transfer of immovable property. Even in terms of Section 54 of Transfer of Property Act, 1882, an agreement t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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