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2021 (9) TMI 1215 - ITAT CHENNAIExemption u/s 54 - whether the sale agreement entered into by the assessee on 08.04.2015 is genuine or not? - HELD THAT:- As gone through the sale agreement, which do not bear the signature of the assessee and also translated copy of the sale agreement into English dated 08.04.2015 and found that nowhere in the sale agreement it is mentioned that the possession was given to the assessee. In the alleged letter filed by the assessee that the amount was paid and possession was handed over to the assessee, neither date is mentioned nor there is signature from the sellers of the property. As per the sale deed dated 04.07.2016, the entire amount was received by the sellers on 04.07.2016 and possession was also handed over to the assessee on 04.07.2016. Under the above facts and circumstances, we are of the opinion that the sale agreement dated 08.04.2015 is not genuine. Accordingly, the benefits under section 54 of the Act cannot be granted to the assessee for the main reason that the sale deed clearly mentions that the entire sale consideration was received on the same day and possession was also handed over. - Decided against assessee.
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