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2019 (8) TMI 331

..... n account of minor repairs and obtained completion certificate subsequently, cannot a ground to deny the claim of exemption u/sec. 54. In this context, the Hon'ble Karnataka High Court in the case of Dilip Ranjrekar [2019 (1) TMI 158 - KARNATAKA HIGH COURT] has observed that the investment is made in a new property and the construction was completed within a period of three years as narrated in section 54 of the Act, the delay was not because of the assessee and is beyond his control and upheld the order of the Tribunal. In the case of Sardarmal Kothari [2008 (6) TMI 15 - MADRAS HIGH COURT] has observed that assessee having purchased land by investing the capital gains and constructed residential house and also produced completion certi .....

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..... for ₹ 2,23,44,500/-. Subsequently, a rectification deed was entered on 25/02/2009, as per which the total land given for construction is 991.11 sq.yds., out of which the assessee and her husband will get six flats with built up area of 14610 sq.ft. As per the document, the sale price of the 40% of the land is ₹ 49,55,560/-. No tax was deducted by the buyer and the assessee who is a non-resident has also not filed her return of income for the A.Y. 2009-10. Therefore, case of the assessee was reopened. A notice u/sec. 143(2) & 142(1) dated 16/05/2016 was issued to the assessee. In response to that, assessee vide letter dated 30/05/2016 furnished the relevant information from time to time as called for by the Assessing Officer. .....

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..... sel for the assessee has submitted that assessee has transferred the capital asset to the builder. According to the agreement, building has to be completed within a period of three years and the builder also completed the construction within the said period and obtained completion certificate on 01/11/2011 due to non-completion of some minor repair works, therefore, submitted that assessee s claim u/sec. 54 cannot be denied. He relied on the judgment of the Hon'ble Karnataka High Court in the case of Pr. CIT & Ano. Vs. Dilip Ranjrekar [(2019) 177 DTR (Kar.) 158] and also the judgment of the Hon'ble Madras High Court in the case of CIT Vs. Sardarmal Kothari [(2008) 302 ITR 286]. 7. On the other hand, ld.DR relied on the orders of .....

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..... d. We find that assessee has transferred the land to the builder and the builder has to construct the building within a period of three years. In this case, according to the certificate submitted by the builder, the completion of the construction is shown as 01/11/2011. According to the Assessing Officer, the building has to be completed on or before 20/07/2011. There is a delay near about five months as per the completion certificate submitted by the builder. Insofar as argument of the assessee is concerned, assessee has received flat on 20/02/2011, the same is sold to the third party, nowhere neither Assessing Officer nor ld.CIT(A) has considered the submission of the assessee. Both the authorities below proceeded only on the basis of com .....

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