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TMI Blog2022 (1) TMI 1028X X X X Extracts X X X X X X X X Extracts X X X X ..... g-term capital gain. Exemption under section 54 - Since we have held that capital gain arising out of sale of the said plot of land is long-term capital gain, we now remit the matter to the file of the AO to examine the claim of exemption under section 54 of the Act. The assessee is directed to furnish necessary evidence in support of his claim. - ITA No. 4964/DEL/2016 - - - Dated:- 15-12-2021 - Shri N.K. Billaiya, Accountant Member, And Shri Amit Shukla, Judicial Member For the Assessee : Shri Ruchesh Sinha, Adv For the Department : Shri Umesh Takyar, Sr. DR ORDER PER N.K. BILLAIYA, ACCOUNTANT MEMBER:- This appeal by the assessee is preferred against the order of the CIT[A]- 34, New Delhi dated 01.07.2016 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... under section 54 of the Income-tax Act, 1961 [hereinafter referred to as 'The Act']. 7. The assessee carried the matter before the ld. CIT(A) but without any success. 8. Before us, the ld. counsel for the assessee stated that the impugned plot was allotted by HUDA on 31.5.2002 and the certificate of possession was given on 8.5.2006 which made the assessee owner of the said plot and as per the terms and as per the payment schedule, the said plot was registered on 15.10.2009, which was sold on 4.11.2009 and from the date of allotment, period of holding is more than 36 months making the plot long-term capital asset and the gain long-term capital gain. 9. The ld. DR strongly supported the findings of the authorities below. 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... otment letter, the assessee had deposited further amounts on various dates, as given in the chart contained in the written synopsis; that by the expiry of the period of sixty days from the date of allotment, i.e., by 03.10.1999, the assessee had deposited 96% of the tentative cost of the plot; that as per the terms and conditions contained in the allotment letter, since the assessee paid the instalment as demanded by HUDA, the assessee was to become the beneficial owner of the residential plot in question; that as per clause 5 of the allotment letter, a letter of 'acceptance was to be filed by the assessee along with an amount of ₹ 10,155/-, within thirty days, thereby having paid 25% of the total cost of the plot; that this amoun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as such, there being no merit therein, the appeal of the Department be ordered to be dismissed. 11. Respectfully following the decision of the Hon'ble Jurisdictional High Court [supra], we direct the AO to treat the gain as long-term capital gain. 12. Since we have held that capital gain arising out of sale of the said plot of land is long-term capital gain, we now remit the matter to the file of the AO to examine the claim of exemption under section 54 of the Act. The assessee is directed to furnish necessary evidence in support of his claim. 13. In the result, the appeal of the assessee in ITA No. 4964/DEL/2016 is allowed with the above directions. The order is pronounced in the open court on 15.12.2021 in the presence o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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