TMI Blog2017 (9) TMI 1772X X X X Extracts X X X X X X X X Extracts X X X X ..... has fulfilled the condition laid down in section 54F of the Act. Accordingly, we cancel the order u/s 263 passed by the CIT - Decided in favour of assessee - ITA No.3353/MUM/2014 - - - Dated:- 27-9-2017 - SHRI MAHAVIR SINGH (JUDICIAL MEMBER) AND SHRI N.K. PRADHAN (ACCOUNTANT MEMBER) For the Appellant : Shri Shrey Sushil Joshi, AR For the Respondent : Shri N.P. Singh, CIT(DR) ORDER PER N.K. PRADHAN, A.M. This is an appeal filed by the assessee. The relevant assessment year is 2009-10. The appeal is directed against the order u/s 263 of the Income Tax Act 1961, (the Act ) passed by the Commissioner of Income Tax(CIT)-17, Mumbai. 2. The 1st ground raised by the assessee in this appeal is that the CIT erred in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tune of ₹ 48,00,313/- by purchasing properties at Poornima Building. He filed a Paper Book (P/B) showing the relevant dates in respect of the above transactions. Reference was also made by him to the following clauses of the agreement in respect of properties at Poornima Building: (i) clause 2 of the above agreement clearly states that unless the balance consideration of ₹ 34,00,000/- was received by 21.11.2007, the agreement would stand cancelled even if it was registered with the Sub Registrar of Assurances. (ii) sub clause (g) of clause 3 of the agreement states that the transferee (assessee) would be put into quiet and peaceful possession of the said premises only after making full payment to the transferor. It i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... property at Poornima Building, the following facts emerge from the documents filed by the assessee in the P/B. Particulars Date Amount (Rs.) Page of the P/B Agreement for sale 17.09.2007 6,00,000/- 31-50 Loan sanctioned by Bank of Baroda 01.10.2007 22-25 Bank of Baroda Cheque date 08.10.2007 34,00,000/- 26 Date of handing over possession 10.10.2007 27-28 We also find that the agre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ecoming ready for occupation and obtained possession of the flat, and not on the date of registration of the agreement of purchase. The issue in the instant case is whether the assessee has purchased within one year before the date of transfer one residential house? The CIT has not disputed 10.10.2007 i.e. the date on which possession was handed over to the assessee of the property at Poornima Building. We find that the sale of the flat at Runwal Towers took place on 07.10.2008 as per the Agreement for Sale as per page 71-97 of the P/B. Thus following the judgment of the Hon ble Bombay High Court in Smt. Beena K. Jain (supra) we hold that the assessee has fulfilled the condition laid down in section 54F of the Act. Accordingly, we c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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