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TMI Blog2021 (9) TMI 1215X X X X Extracts X X X X X X X X Extracts X X X X ..... the entire amount was received by the sellers on 04.07.2016 and possession was also handed over to the assessee on 04.07.2016. Under the above facts and circumstances, we are of the opinion that the sale agreement dated 08.04.2015 is not genuine. Accordingly, the benefits under section 54 of the Act cannot be granted to the assessee for the main reason that the sale deed clearly mentions that the entire sale consideration was received on the same day and possession was also handed over. - Decided against assessee. - I.T.A. No.1455/Chny/2018 - - - Dated:- 24-9-2021 - Shri V. Durga Rao, Judicial Member And Shri G. Manjunatha, Accountant Member For the Appellant : Shri T. Vasudevan, Advocate For the Respondent : Shri G. John ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... original asset. On perusal of the balance sheet and its enclosures particularly in respect of fixed assets reveal that the assessee already owned house at Arni valued at ₹.6,95,745/-. In the return of income also the assessee has explicitly claimed deduction under section 54F of the Act only as found in Col. No. D of Schedule Capital gain. When the Assessing Officer raised a question about this, the assessee s authorised representative has replied vide his letter dated nil filed on 11.07.2016 that the assessee had inadvertently mentioned the section 54F instead of section 54 of the Act. The Assessing Officer has further noted that the assessee has sold a property vide document No. 1276 of SRO, Mylapore on 06.05.2013 and the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted the sale agreement produced by the assessee dated 08.04.2015 and rejected the claim of the assessee claiming benefit under section 54 of the Act. On appeal, the ld. CIT(A) confirmed the order of the Assessing Officer. 3. On being aggrieved, the assessee carried the matter in appeal before the Tribunal. The ld. Counsel for the assessee has submitted that the assessee has sold the property on 06.05.2013 and entered into an agreement dated 08.04.2015 with Shri M. Elumalai Smt. B. Deepa and paid the amount. As per agreement, the total sale consideration was ₹. 11 lakhs out of which ₹.10,90,000/- was already paid and remaining ₹.10,000/- was paid within two years. According to the Authorized Representative of the ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ₹.76 lakhs. The Registering Authority estimated the value for the purpose of levying stamp duty at ₹.1,43,00,000/-. The assessee claimed his share of sale consideration at ₹.47.66 lakhs. The assessee also purchased a property vide document No. 4932 dated 04.07.2016. Entire sale consideration was paid on 04.07.2016 as per registered sale deed and also property was handed over to the sellers. The case of the assessee is that he has entered into an agreement with the sellers Shri M. Elumalai Smt. B. Deepa and paid cash of ₹.10,90,000/- on 08.04.2015 and the balance amount of ₹10,000/- was to be paid within two years. They also acknowledged the receipt of the payment and possession also. We have gone through the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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