9911796707
TMI Blog2022 (12) TMI 796X X X X Extracts X X X X X X X X Extracts X X X X ..... ade for the Purchase of the new property for Exemption U/S 54. 3. That Ld. Assessing officer overlooked the judgments given by various courts wherein it is held that the deduction U/s 54 should be allowed to assessee even if the investment in new asset under builder construction agreement made before transfer of asset. 4. That Ld. Assessing officer did not consider the documentary evidence submitted by the appellant in support of legal complaint lodged against the builder for delay in handover of flat on part of builder. 5. The Ld. Commissioner of Income Tax appeals erred in law as well as on the facts without considering the submission and other documentary evidence submitted by the appellant and disallow the deduction claim by the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t, the whole of such capital gain shall not be charged under section 45 ; (b) if the cost of the new asset is less than the net consideration in respect of the original asset, so much of the capital gain as bears to the whole of the capital gain the same proportion as the cost of the new asset bears to the net consideration, shall not be charged under section 45: Provided that nothing contained in this sub-section shall apply where- (a) the assessee,- (i) owns more than one residential house, other than the new asset, on the date of transfer of the original asset; or (ii) purchases any residential house, other than the new asset, within a period of one year after the date of transfer of the original asset; or (iii) constructs an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the case may be, its construction, the amount of capital gain arising from the transfer of the original asset not charged under section 45 on the basis of the cost of such new asset as provided in clause (a) or, as the case may be, clause (b), of sub-section (1) shall be deemed to be income chargeable under the head "Capital gains" relating to long-term capital assets of the previous year in which such new asset is transferred. (4) The amount of the net consideration which is not appropriated by the assessee towards the purchase of the new asset made within one year before the date on which the transfer of the original asset took place, or which is not utilised by him for the purchase or construction of the new asset before the date of f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... charged under section 45 as income of the previous year in which the period of three years from the date of the transfer of the original asset expires; and (ii) the assessee shall be entitled to withdraw the unutilized amount in accordance with the scheme aforesaid." 6. Heard the arguments of both the parties and perused the material available on record. 7. Thus, the agreement for sale was signed on 08.08.2014 and the payments have been completed by 08.10.2014. Since, the amount equivalent to the capital gains has been utilized for acquisition of new house, the assessee be permitted to avail the benefit allowable u/s 54 of the Act. 8. In the result, the appeal of the assessee is allowed. Order Pronounced in the Open Court on 16/12/202 ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
