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TMI Blog2018 (5) TMI 962X X X X Extracts X X X X X X X X Extracts X X X X ..... e definition of the term ‘transfer” as defined under Section 2(47) of the Act, benefit of exemption u/s 54 allowed. - D. B. Income Tax Appeal No. 52 / 2018 - - - Dated:- 11-5-2018 - Gopal Krishan Vyas And Ramchandra Singh Jhala, JJ. For the Appellant : Mr. K.K. Bissa For the Respondent : Mr. Anjay Kothari ORDER After hearing learned counsel for the parties, we have perused the finding given by the learned ITAT, Jodhpur in the impugned judgment dated 12.07.2017, in which following finding is given by the ITAT, which reads as under:- 5. On consideration of the entire factual position we are of the view that the CIT (A) was justified in granting the benefit claimed u/s 54 by the assessee as the property sold was a res ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessee had invested the entire capital gains in the construction of new residential house. We therefore, uphold the finding of the CIT(A) in deleting the said addition so made and dismiss the appeal filed by the department. The aforesaid finding of learned ITAT is in consonance with the adjudication by the Hon ble Supreme Court in case of Sanjeev Lal Etc. Vs. Commissioner of Income Tax Anr., reported in 365 ITR 389 (SC), which reads as under:- 22. In addition to the fact that the term transfer has been defined under Section 2(47) of the Act, even if looked at the provisions of Section 54 of the Act which gives relief to a person who has transferred his one residential house and is purchasing another residential house eith ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n one is concerned with exemption from payment of tax. Considering the aforestated observations and the principles with regard to the interpretation of Statute pertaining to the tax laws, one can very well interpret the provisions of Section 54 read with Section 2(47) of the Act, i.e. definition of transfer , which would enable the appellants to get the benefit under Section 54 of the Act. 23. Consequences of execution of the agreement to sell are also very clear and they are to the effect that the appellants could not have sold the property to someone else. In practical life, there are events when a person, even after executing an agreement to sell an immoveable property in favour of one person, tries to sell the property to another ..... X X X X Extracts X X X X X X X X Extracts X X X X
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