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TMI Blog2019 (1) TMI 478X X X X Extracts X X X X X X X X Extracts X X X X ..... ong-term capital gain. It was in such peculiar facts that the Tribunal held that the assessee cannot be said to have transfered a capital asset in the nature of residential house. We may recall that the assessee had booked the flat far back in January 1981 and till the time, she sold for the same in the year 2005, completion of Constitution was nowhere in the sight. It was only with the intervention of the High Court and the steps taken by the Committee appointed by the High Court that the construction could be completed much later in the year 2011 - Decided against revenue - INCOME TAX APPEAL NO. 767 OF 2016 - - - Dated:- 7-1-2019 - AKIL KURESHI B.P. COLABAWALLA, JJ. Mr. Suresh Kumar for the Appellant P.C.: 1. Reven ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... construction. The construction of the building was not complete up to Feb 2011 as has been gathered by the Ld. CIT(A) from the letter dated 17.02.2011 issued by the said committee of court receiver. The assessee, however, in the year 2005 had sold the unconstructed / under construction unit resulting in taxable long term capital gains. The Ld. CIT(A) has categorically held, after appreciation of the factual matrix of the case, that the property transferred by the assessee could not be termed to be a residential house. The findings of the Ld. CIT(A) have been reproduced above. The provisions of section 54F are beneficial provisions enacted for the purpose of promoting the construction/purchase of residential houses. The property in qu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was still under construction. The same resulted into long-term capital gain. It was in such peculiar facts that the Tribunal held that the assessee cannot be said to have transfered a capital asset in the nature of residential house. We may recall that the assessee had booked the flat far back in January 1981 and till the time, she sold for the same in the year 2005, completion of Constitution was nowhere in the sight. It was only with the intervention of the High Court and the steps taken by the Committee appointed by the High Court that the construction could be completed much later in the year 2011. In the peculiar facts of this case, therefore, we do not find any error in the view of the Tribunal. Tax appeal is dismissed. - - Ta ..... X X X X Extracts X X X X X X X X Extracts X X X X
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