9911796707
TMI Blog2017 (11) TMI 1721X X X X Extracts X X X X X X X X Extracts X X X X ..... iews are possible and if the AO has taken one plausible view, the Commissioner cannot interfere with such view, merely because he has taken a different view. In the light of Section 2(47), it cannot be said that the view taken by the AO, was not a plausible one. In the absence of any specific provision which determines the actual date of transfer, the view taken by the AO that the date on which form No.7B was signed by both parties and presented to the purchaser company, is the date of effective transfer, can be a plausible view. On these facts of the case, the Commissioner ought not to have exercised his revisional jurisdiction under Section 263 of the Act. - decided in favour of assessee - I.T.T.A.No.742 of 2017 - - - Dated:- 29-11-20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s those investments were made beyond the time limit specified under the aforementioned provisions. 3. The assessee has submitted his response to the show cause notice, wherein he has claimed that the transaction of sale of shares has got completed only on 24.11.2009 and that, therefore, the investment on purchase of bonds and house, was made within the period of six months and two years, of the sale of the shares, as prescribed under Sections 54EC and 54F respectively of the Act. The Commissioner has however, disagreed with the stand of the assessee and, accordingly, set aside the order of the AO, with a direction to him to disallow the claim of exemption under Sections 54EC and 54F, after giving opportunity of being heard to the assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ntirety, concurred with the view of the AO that as form No.7B was signed by both parties on 24.11.2009, the effective transfer as defined under Section 2 (47) of the Act has taken place on the said date. In that process, the Tribunal also took into consideration a letter addressed by the transferee company, stating that share transfer form was lodged with it on 24.07.2009 and that the actual transfer has taken place on 24.11.2009. The Tribunal further held that in order to invoke the provisions of Section 263 of the Act, twin conditions have to be satisfied namely; (1) that the order of AO must be erroneous and (2) that such order must be prejudicial to the interests of the revenue. Applying these two conditions, the Tribunal held that the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 53A of the Transfer of Property Act, 1882 1 (4 of 1882); or (vi). Any transaction (whether by way of becoming a member of, or acquiring shares in, a co-operative society, company or other association of persons or by way of any agreement or any arrangement or in any other manner whatsoever) which has the effect of transferring or enabling the enjoyment of, any immovable property . 8. In the light of Section 2(47), it cannot be said that the view taken by the AO, was not a plausible one. In the absence of any specific provision which determines the actual date of transfer, the view taken by the AO that the date on which form No.7B was signed by both parties and presented to the purchaser company, is the date of effective transfer, ca ..... X X X X Extracts X X X X X X X X Extracts X X X X
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