9911796707
TMI Blog2023 (4) TMI 64X X X X Extracts X X X X X X X X Extracts X X X X ..... ef facts of the case are that the assessee is an individual, salaried employee, filed his return of income for the AY 2015-16 admitting the total income of Rs. 20,27,160/- on 24/03/2017. The Ld. AO during the course of verification noticed that the assessee claimed deduction U/s. 10 for Rs. 19,31,147/- whereas it was as per Form-16 furnished by the assessee Rs. 6,31,001/- and Rs. 53,933/-. The Ld. AO therefore concluded that the assessee has made an excess claim of Rs. 13,00,147/- U/s. 10 of the Act and reopened the case U/s. 148 of the Act with the prior approval of JCIT, Range-2, Visakhapatnam. The Ld. AO issued notice u/s. 148 of the Act on 4/9/2018 where the assessee responded by filing a revised return of income. The Ld. AO observed th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd taxing the gain as STCG. Aggrieved by the order of the Ld. Pr. CIT, the assessee is in appeal before us. 3. Originally, the assessee has raised 06 grounds of appeal and later revised the grounds of appeal which reads as under: "1. The order passed by the Ld. Pr. CIT, Visakhapatnam in the case of the assessee for AY 2015-16 U/s. 263 of the Act dated 29/03/2022 is without jurisdiction. 2. The Ld. Pr. CIT is not justified in directing the AO to treat the immovable property transferred during the FY relevant the AY as short term capital asset and deny the benefits of indexation of cost of acquisition, the exemption U/s. 54 and also to tax the same at a higher rate as applicable to short term capital gains as against long term capital ga ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed the date of agreement of sale entered into by the assessee during the year 2009. The reliance placed by the Ld. AR in CIT vs. S.R. Jeyashankar, the Hon'ble Madras High court has held as follows: "9. Circular No.471 dated 15.10.1986 is also on the same lines. It speaks about the right of an allottee over a property that has been allotted. The other issues like payment of balance instalments, delivery of possession, which takes place after the allotment only, relates back to the original allotment, in the present case, agreement. Therefore, the principle on which long term capital gains should be determined has been clearly indicated in the circular. For better clarity, Circular No.471 dated 15.10.1986 reads as follows: "Circular No.471 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ly a follow-up action and taking the delivery of possession is only a formality. If there is a failure on the part of the Delhi Development Authority to deliver the possession of the flat after completing the construction, the remedy for the allottee is to file a suit for recovery of possession. 3. The Board have been advised that under the above circumstances, the inference that can be drawn is that the Delhi Development Authority takes up the construction work on behalf of the allottee and that the transaction involved is not a sale. Under the Scheme, the tentative cost of construction is already determined and the Delhi Development Authority facilitates the payment of the cost of construction in installments subject to the conditions t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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