TMI Blog2021 (9) TMI 344X X X X Extracts X X X X X X X X Extracts X X X X ..... ussed anything to hold that the sale of Bangalore flat by the assessee in March, 2017 was well within the permissible period of one year from the date of purchase of the new flat in question. S. No. 4 in the table given in the assessment order in page 3 shows that the assessee has paid a sum on account payee cheque on 18.02.2016 to M/s. DLF Home Developers Ltd., whereas, the DLF has issued allotment letter dated 05.04.2016. However, the ld. CIT(A) has not discussed anything about the above variation. Subsequent to DLF allotment letter dated 05.04.2016, M/s. DLF Home Developers Ltd. executed registered conveyance deed only on 16.08.2016, but in his written submission dated 06.03.2019 filed before the Assessing Officer, the assessee has cl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dering the submissions and details furnished against statutory notices, the assessment under section 143(3) of the Act was completed by assessing total income of the assessee at ₹.2,55,88,837/- after rejecting the claim of deduction of ₹.2,19,19,419/- towards capital gains under section 54 of the Act. On appeal, by following the decision in the case of PCIT v. Vembu Vaidyanathan [2019] 108 taxmann.com 339 (SC), the ld. CIT(A) directed the Assessing Officer to give the benefit of section 54 of the Act. 3. Aggrieved, the Revenue is in appeal before the Tribunal. The ld. DR has submitted that the assessee has intentionally projected the date of agreement of purchase of new asset, being May 2016/August, 2016 instead of the actual ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the builder to the assessee should be deemed date of purchase of the property. In support of the appellate order, the assessee has also preferred cross objection against the appeal of the Revenue. The ld. Counsel for the assessee has strongly supported the appellate order and prayed for dismissing the appeal of the Revenue. 5. We have heard both the sides, perused the materials available on record and gone through the orders of authorities below and also the paper book filed by the assessee. While computing the capital gain, the assessee has offered capital gains on the said property of ₹.2,19,10,773/-. Against this capital gain, the assessee has claimed exemption under section 54 of the Act of ₹.2,19,10,773/- by way of i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n August 2016. He had sold his Bangalore flat in March 2017 which was well within the permissible period of one year date of purchase of the flat in question. Tax authorities have to read the law to make it workable and not adopt hyper-technical interpretation which would injustice to the way any statute has to be read and implemented. Assessee senior citizen was very much prudent in disposing of his flat at Bangalore only when the deal for his flat at Chennai has been finalised. In view of above the appeal of assessee is allowed and AO is directed to give benefit of section 54 of the act. 5.1 The above appellate order is very vague and cryptic. The ld. CIT(A) has not discussed anything to hold that the sale of Bangalore flat by the as ..... X X X X Extracts X X X X X X X X Extracts X X X X
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