9911796707
TMI Blog2014 (6) TMI 811X X X X Extracts X X X X X X X X Extracts X X X X ..... land appurtenant there to - The assessee has satisfied all the conditions laid down in section 54 - the assessee is eligible for claiming exemption u/s 54 of the Act – Decided in favour of Assessee. - I.T.A. No. 1884/Mds/2012 - - - Dated:- 17-6-2014 - Dr. O. K. Narayanan And Shri Vikas Awasthy,JJ. For the Appellant : Shri S. Sridhar, Advocate For the Respondent : Shri T. N. Betgeri, JCIT ORDER Per Vikas Awasthy, J.M: The appeal has been filed by the assessee against the order of the Commissioner of Income Tax(Appeals)-V, Chennai dated 11-09-2012 relevant to the Assessment Year (AY) 2009-10. 2. The assessee filed his return of income for the AY under consideration declaring income of Rs. 4,71,310/-. Thereaft ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on behalf of the assessee submitted that the land at Sholinganallur is located in a residential area, Municipal numbers old No.189 and new No.138 have been allotted to the property. The ld.Counsel for the assessee referred to page No.18 of the Paper Book whereby the assessee has nominated attorney in respect of the land-in-question. The details of the property as mentioned in the attorney as well as the sale deed dt.23-09-2009 executed by the Power of Attorney [POA] of the assessee placed at page No.1 to 16 of the Paper Book clearly shows that the land sold is a residential property on which building is constructed. The ld.Counsel for the assessee further submitted that the assessee has utilized the money received from sale of property towa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ollowing dates: 29-07-2008 - Rs. 25.00 Lakhs 04-08-2008 - Rs. 25.00 Lakhs 07-09-2009 - Rs. 2.50 Crores The possession of the land and building was handed over to the purchaser on 07-01-2009. Sale Deed was executed on 23-09-2009. The facts narrated above are not in dispute. The assessee, thereafter acquired a residential property within three years from the date of transfer of the property at Sholinganallur and claimed exemption u/s.54 of the Act. The Revenue has disputed the nature of property at Sholinganallur. As per the Revenue, the property sold is an agricultural land, whereas, the assessee is claiming it to be a residential property. 6. For claiming benefit of exemption u/s.54, one of the preconditions is that t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ferred to sale deed dt.23-09-2009 of the property situated at Sholinganallur at page No.1 to 16 of paper book, GPA dt.07-01-2009 executed by the assessee at page No.17 to 24 and Purchase Deed dt.30-12-2005 at page No.25 to 42 of paper book. Apart from the above documents, the assessee has also filed a copy of affidavit dt.18-10-2013, copy of Patta, certain letters and inspection report of the SRO. Except for the copy of sale deed dt.23-09-2009, GPA dt.07-01-2009 and copy of purchase deed dt.30-12-2005 no other document is taken on record under Rule 18 of the Appellate Tribunal Rules, 1963. As the remaining documents were either not part of record before the Assessing Officer or were in vernacular or were not referred to during the course of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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