TMI Blog2023 (12) TMI 1036X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee sold residential property on 17.04.2014 for Rs. 70,00,000/- and the entire sale proceeds were invested from 01.05.2014 to 08.07.2014 in purchase of property named The Grands Arch from the builder Ireo . - New property acquired vide Possession letter dated 04.07.2016 and conveyance deed dated 29.04.2016. Since the assessee has invested the entire sale proceeds for the purchase of ne ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g officer has erred by stating that the appellant has not submitted any registry and/or any builder buyer agreement of the Gurgaon property, which could prove assessee's eligibility of Section 54 exemption related to construction of house within three years as given under the provisions of the Act. Even though, appellant has submitted the copies of Conveyance Deed and possession letter. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ct, 1961 was issued asking him to submit the details of property bought during the FY 2014-15. The assessee has submitted details against the notice issued. On perusal the documents submitted by the assessee, the Assessing Officer found that he has sold an immovable property, Flat No. 261, Pkt -1, Dwarka, New Delhi at the sale consideration of Rs. 70,00,000/- on 17.04.2014. The assessee has receiv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cts on record are totally different. The assessee sold residential property on 17.04.2014 for Rs. 70,00,000/- and the entire sale proceeds were invested from 01.05.2014 to 08.07.2014 in purchase of property named The Grands Arch from the builder Ireo . 6. CBDT Circular No. 672 dated 16.12.1993 reads as under:- 429. Whether allotment of flats/houses by co-operative societies and other in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as decided that if the terms of the schemes of allotment and construction of flats/houses by the cooperative societies or other institutions are similar to those mentioned in para 2 of Board s Circular No. 471, dated 15-10-1986 (Sl. No. 428), such cases may also be treated as cases of construction for the purposes of sections 54 and 54F of the Income-tax Act. 7. Since the assessee has invested ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
