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TMI Blog2018 (11) TMI 1561X X X X Extracts X X X X X X X X Extracts X X X X ..... f new flats to be constructed and to be allotted to the assessee. The Tribunal, therefore, correctly came to the conclusion that the assessee's investment in such new flats amounts to investment for acquisition of new residential house. The Tribunal, therefore, correctly held that the Assessing Officer was not justified in disallowing the exemption under Section 54 of the Act. No question of la ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... money terms or in kind towards the value of the flats and car space receivable from the builder? 3. The issue pertains to the assessment year 2007-08. Respondent-assessee is an individual. He owned 75% share in a residential property called Violet Valley situated at Bandra, Mumbai, remaining 25% share was that of the sister of the assessee. During the period relevant to the assessment year ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... otal sale consideration received by the assessee. We are informed that upon being so pointed out the assessee had also agreed to include the price of the flats as part of the sale consideration received by him upon sale of the immovable property. 5. The issue eventually reached the Tribunal in an appeal filed by an assessee. The Tribunal was of the opinion that the exemption could not be deni ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... payment in kind. Therefore, the assessee is entitled for exemption u/s. 54 of I.T.Act, 1961 in respect of these flats. 6. In the nutshell, therefore, the Tribunal notices that the assessee had received sale consideration partly in cash and partly in form of new flats to be constructed and to be allotted to the assessee. The Tribunal, therefore, correctly came to the conclusion that the ass ..... X X X X Extracts X X X X X X X X Extracts X X X X
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