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TMI Blog2020 (7) TMI 686X X X X Extracts X X X X X X X X Extracts X X X X ..... 3-14 on 26.07.2013 declaring return income of Rs. 94,75,480/-. In the computation of income, the assessee computed Long Term Capital Gain (LTCG) on sale of land out of Survey No. 4451/1 and 431 (capital asset) at Dummas, District-Surat, Gujarat. The assessee claimed LTCG on sale of long term capital asset and also claimed exemption of capital gain of Rs. 50,00,000/- under section 54EC being investment made in National High way Authority of India (NHAI) bonds. During the assessment, the Assessing Officer noted that the document related to transfer of property i.e. sale-deed reflects two different date i.e. 8th October 2012 on which it was executed and 16 January 2013, when it was ultimately registered. The assessee invested the amount of Rs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stry is registered on two different dates. Thus, further aggrieved, the assessee has filed this appeal before this Tribunal. The assessee has raised the following grounds of appeal: 1. The learned Commissioner of Income Tax (Appeals) erred in confirming action of the Assessing Officer of disallowing claim for exemption u/s. 54EC amounting to Rs. 50,00,000/-. 2. The appellant prays that: (i) It may be held that appellant is entitled to exemption u/s. 54EC amounting to Rs. 50,00,000/-; 3. We have heard the submission of ld. Authorized Representative (AR) of the assessee and ld. Departmental Representative (DR) for the revenue and perused the material available on record. The ld. AR of the assessee submits that a very short dispute in t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Assessing Officer treated the date of transfer as 8.10.2012 instead of 16.01.2013 as claimed by the assessee. The ld CIT(A) affirmed the action of assessing by taking the view that the transfer deed of the asset is in Guajarati and not readable and thus assessee has not proved 6. We have perused the copy of conveyance deed/sale deed on transfer of asset with its true English translation. Perusal of registration receipt of the transfer document shows that initial document was presented for registration vide Document No. 39, Receipt No. 2012322000055 dated 8.10.2012. The assessee paid requisite stamp duty on the instrument. Thus, the document of transfer was initially executed on 8.10.2012. Further a careful perusal of this sale-deed show ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... completed only on 16.01.2013. 9. Special Bench of Ahmedabad Tribunal in Alka Ben Patel Vs ITO [2014] 43 taxmann.com 333 (Ahd - Trib) (SB) held that as per the terms of General Clauses Act, 1897, period of six month mentioned in section 54EC has to be regarded as six British calendar months. The Special Bench referred and relied on the decision of Allahabad High Court in the case of CIT Vs Munnalal Shrikishan [1987] 167 ITR 415 (emphasis added by us). 10. Hon‟ble Bombay High Court in Amarchand J Aggarwal Vs UOI (supra) held that undoubtedly, section 47 of the Registration Act provides that the document shall operate from the time of its execution once it is registered by the registering authority, but it does not say when the sale wo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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