TMI Blog2019 (1) TMI 1361X X X X Extracts X X X X X X X X Extracts X X X X ..... had acquired the property in question on 31st December, 2004 on which the allotment letter was issued. Revenue has also argued that in any case the assessee was not entitled to exemption under Section 54F. Since the assessee had held multiple residential units which would disqualify the assessee from claiming the exemption on it as was held by the Assessing Officer. From the record we notice that before the CIT appeals the assessee had produced additional evidence to suggest that the other units previously held by the assessee were discarded earlier and that at the relevant time the assessee did not hold any other residential unit. Quite apart from it being a pure question of fact, we do not find any indication in the impugned judgment o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee can be stated to have acquired the capital asset. The assessee argued that the residential unit in question was acquired on the date on which the allotment letter was issued by the builder which was on 31st December, 2004. The Assessing Officer however contended that the transfer of the asset in favour of the assessee would be complete only on the date of agreement which was executed on 17th May, 2008. 3. CIT appeals and the Tribunal held the issue in favour of the assessee relying on various judgments of different High Courts including the judgment of this Court in case of Commissioner of Income-Tax, Bombay City I Vs. TATA Services Limited 122 ITR 594. Reliance was also placed on CBDT circulars. 4. Having heard lear ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tioned in para 2 of Board's Circular No.471, dated 15.10.1986, such cases may also be treated as cases of construction for the purposes of sections 54 and 54F of the Income-tax Act. It can thus be seen that the entire issue was clarified by the CBDT in its above mentioned two circulars dated 15th October, 1986 and 16th December, 1993. In terms of such clarifications, the date of allotment would be the date on which the purchaser of a residential unit can be stated to have acquired the property. There is nothing on record to suggest that the allotment in construction scheme promised by the builder in the present case was materially different from the terms of allotment and construction by D.D.A.. In that view of the matter, CIT a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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