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TMI Blog2016 (7) TMI 1039X X X X Extracts X X X X X X X X Extracts X X X X ..... down in section 139(1) of the Act. Since, the facts mentioned in the impugned order are not in dispute, therefore, considering the totality of facts we find no infirmity in the conclusion drawn by the Ld. Commissioner of Income Tax (Appeal) allowing exemption u/s 54 holding that the date of purchase is the date on which agreement for purchase is registered - Decided against revenue - ITA NO.1698/Mum/2013 - - - Dated:- 16-6-2016 - Shri Joginder Singh, Judicial Member, and Shri Ashwani Taneja, Accountant Member For The Assessee : Shri Jignes Shah For The Revenue : Shri B.S. Bist-DR ORDER Per Joginder Singh (Judicial Member) The Revenue is aggrieved by the impugned order dated 13/12/2012 for Assessment year 2009-1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r of purchase of new residential property. The assessee vide letter dated 21/11/2011, submitted the copy of the agreement before the Assessing Officer for construction of residential property, which was entered into an agreement on 09/08/2006 and the construction was completed along with the possession 08/01/2009. The stand of the ld. Assessing Officer and also of the ld. DR is that for availing the exemption u/s 54 has to satisfy that the new asset came into existence within one year before and two years after the sale of residential property. We find that the residential property was sold on 01/09/2008, whereas, the purchase of new residential property was on 09/08/2006, meaning thereby the same was within two years before the sale of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of agreement or the date of the possession. Admittedly, through agreement dated 09/08/2006, the assessee acquired the valuable right but cannot be said that the new flat was purchased. On the date of agreement, the building was under construction and the assessee paid installments to the builder as has been reflected at page 19 of the impugned order. The assessee sold the earlier residential flat for ₹ 4,41,00,000/-, as per agreement dated 13/01/1997 and the sale proceeds were invested to purchase of another residential house. The circular no. 471 dated 15/10/1986 and further circular no.672 dated 16/12/1993 clarified the position by holding that in the case of construction of residential flat and not the date of purchase of the flat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng-term capital asset, being buildings or lands appurtenant thereto, and being a residential house, the income of which is chargeable under the head Income from house property (hereafter in this section referred to as the original asset), and the assessee has within a period of one year before or two years after the date on which the transfer took place purchased, or has within a period of three years after that date[constructed, one residential house in India], then, instead of the capital gain being charged to income-tax as income of the previous year in which the transfer took place, it shall be dealt with in accordance with the following provisions of this section, that is to say,- (i) if the amount of the capital gain is greate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... an account in any such bank or institution as may be specified in, and utilised in accordance with, any scheme which the Central Government may, by notification in the Official Gazette, frame in this behalf and such return shall be accompanied by proof of such deposit; and, for the purposes of sub-section (1), the amount, if any, already utilised by the assessee for the purchase or construction of the new asset together with the amount so deposited shall be deemed to be the cost of the new asset : Provided that if the amount deposited under this sub-section is not utilised wholly or partly for the purchase or construction of the new asset within the period specified in sub-section (1), then,- (i) the amount not so utilised s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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