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TMI Blog2017 (1) TMI 1323X X X X Extracts X X X X X X X X Extracts X X X X ..... er and it does not call for any rectification. Consequently, the rectification order passed by the AO u/s 154 of the Act suffers from illegality. Further, we find, the case laws cited by the CIT (A) are not on the similar facts as in the case of the assessee. - Decided in favour of assessee - ITA No. 3079/M/2016 - - - Dated:- 20-1-2017 - Shri D. Karunakara Rao, Accountant Member And Shri Amarjit Singh, Judicial Member Appellant by : Shri Mandar Vaidya Respondent by : Shri M.C. Omi Ningshen, DR ORDER Per D. Karunakara Rao, AM This appeal filed by the assessee on 02.05.2016 is against the order of the CIT (A)-42, Mumbai dated 5.1.2016 for the assessment year 2008-2009. In this appeal, assessee raised the following gr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al debate, is unsustainable. In this regard, Ld Counsel for the assessee mentioned that the capital gains arose consequent to the transfer of asset vide sale agreement dated 31.8.2007 / 2.8.2007. In the original assessment, AO allowed the claim of said deduction but, however, during the proceedings u/s 154 of the Act, relying on the date of agreement of sale ie 2.8.2007, AO denied the benefit of capital gains deduction. In the process, AO ignored the fact that the buyer has not become full owner of the transferred asset on that date since the contents of clauses (4) and (8) were not met. In this regard, he read out the clause (4), which read as under:- 4. ........ Vendor hereby undertakes to handover the possession of the said Tenement ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n an income tax matter in the case of Smt. Raj Rani Devi Ramna vs. CIT (201 ITR 1032 (Del) the said principle was upheld and the same judgment is relevant for the following propositions. The held portion of the said decision is extracted as under:- Held, that, in the instant case, it was apparent that the parties had clearly intended that, despite the execution and registration of sale deeds, transfer by way of sale would become effective only on payment of the entire sale consideration and in this background of facts, it had to be held that there was no transfer of land covered by the three sale deeds in question during the period under consideration making the assessee liable for capital gains tax under section 45 . 5. From the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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