TMI Blog1999 (9) TMI 27X X X X Extracts X X X X X X X X Extracts X X X X ..... s a direction to the Income-tax Appellate Tribunal to state the case and refer the following question for the opinion of this court : " Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal is correct in law in holding that for the purpose of section 54, the date of agreement to purchase should be taken as the date of purchase and the date of registration ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... satisfy the conditions laid down in section 54(1) of the Act inasmuch as he had failed to purchase the flat within the stipulated period of one year. The assessee's appeal to the Commissioner of Income-tax (Appeals) was unsuccessful. The assessee took the matter in further appeal to the Tribunal, who took the view that the assessee having purchased the new flat within one year of the sale of his ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ment of purchase dated September 25, 1981, i.e., within four days of the sale of his old property, the assessee acquired substantial domain over the new residential flat within the specified period of one year and complied with the requirements of section 54 of the Act. Merely because the builder failed to hand over possession of the flat to the assessee within the period of one year, the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed the benefit of the said section because the flat purchased by him had come into his full domain within the period of one year, though the sale deed in his favour was registered subsequently. In the light of the said circular and keeping in view the spirit of section 54 of the Act, we decline the request of the Revenue to call for a reference on the proposed question. Consequently, the petit ..... X X X X Extracts X X X X X X X X Extracts X X X X
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