9911796707
TMI Blog2024 (7) TMI 1334X X X X Extracts X X X X X X X X Extracts X X X X ..... e file perused. 2. Coming to the assessee's sole substantive grievance that both the learned lower authorities have erred in law and on facts in disallowing his sec.54 deduction claim amounting to Rs. 1,69,47,407/- in the course of assessment dated 26.03.2022; as upheld in CIT(A)-NFAC's detailed discussion; learned counsel invited our attention to the latter's findings to this effect as under : "Findings 6. I have considered the facts of the case and the submissions made by the appellant. The only issue involved in this appeal is as to whether the appellant is eligible for deduction u/s 54 of the Act on the sale of a residential flat. As per the provisions of section 54 of the Act, the assessee should purchase another Residential Prope ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... considered as date of acquisition. 9. I have considered the above contention of the appellant. In this connection, it is seen that the hon'ble Bombay High Court in the case of PCIT vs Vembu Vaidyanathan (2019) 101 taxmann.com 463 (Bombay) has held that for the purposes of section 54F of the Act, the date of allotment of flat shall be considered as date of acquisition. The relevant portion of the said judgement is as under:- 4. Having heard learned counsel for the parties, we notice that the CBDT in its circular No 471 dated 15th October, 1986 had clarified this position by holding that when an assessee purchases a flat to be constructed by Delhi Development Authority (D.D.A. for short) for which allotment letter is issued, the date ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... led that immovable property is not conveyed by delivery of possession, but by a duly registered deed. Further, it is the date of execution of registered document, not the date of delivery of possession or the date of registration of document, which is relevant. 4.4 In the instant case, the "Agreement for Sale" is dated 10.09.2014. Section 56(2)(viii)(b)(ii) clearly stipulates that where any immoveable property is received for a consideration which is less than the stamp duty value of the property by an amount exceeding Rs. 50000/-, the stamp duty value of such property as exceeds such consideration, shall be chargeable to tax in the hands of the individual or HUF as income from other sources. It is applicable from A.Υ. 2014-15. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to the basic relevant facts. There is hardly any dispute between the parties regarding the same inter alia that the assessee had entered into MOU with the builder/developer wherein the latter allotted a residential unit in question to him on 28.03.2012; followed by an agreement to sale of the relevant capital asset registered on 29.03.2012 and the final purchase/possession of the flat on 20.03.2015; respectively. We make it clear that sec.54 of the Act stipulates deduction of the capital gains arising from transfer of a capital asset [residential house] in case the assessee concerned/investments the same by way of purchasing a residential house one year before or two years after the date of transfer or constructs residential house within a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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