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TMI Blog2022 (3) TMI 74X X X X Extracts X X X X X X X X Extracts X X X X ..... .03.2013 but the consideration has not been passed as per the terms of the agreement by encashing the cheques mentioned thereon. The actual part sale consideration (90%) has been passed only on 13.09.2013 by way of RTGS. Thus, the finding of the CIT(A) that 'sale had occurred on 25.03.2013 and the assessee had become the owner of the property' is factually incorrect. Thus in the present case, the rent paid by the Assessee to the owners in respect of the subject property, prior to actual part payment of Sale consideration by way of RTGS is allowable. For above said reasons, we are of the opinion that both Ld. A.O and the CIT(A) have erred in disallowing said rent. - Decided in favour of assessee. - I.T.A. No. 3289/DEL/2019 - - - Da ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Share PF and also allowed the payment of rent up to 12.05.2013 but the payment of rent between 13.05.2013 to 30-09-2013 has not been allowed by making following observation: 'In terms of sub-section (47) of section 2 of the IT Act, the sale occurred on 13.5.2013 and the assessee had become the owner of the property. On these facts, the payment of rent between 13.05.2013 and 30-09-2013 cannot be held justifiable. The payment of rent upto 12.05.2013 is deductable. Thus assessee gets relief of 3,00,000/- (for the month of April) and ₹ 1,16,129/- (up to 12.5.2013). The total relief is worked out at ₹ 4,16,129/-.' 4. Aggrieved by the order impugned dated 28/12/2018, passed by CIT(A) -33, the assessee has preferred th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... htful consideration. The assessee has been inducted as tenant of the subject property vide rent agreement dated 25.03.2013 on rent of ₹ 3 lacs rupees per month. During the year under consideration, i.e. 2014-15 with an intention to purchase the very same property, entered into an agreement to sell on 13-05-2013 with its owners i.e. Mr. Ravinder Nath Hasija and Mr. Dharmveer Hasija, for total sale consideration of ₹ 5,50,00,000/-. As a part of Sale consideration, two cheques dated 13/5/2013 have been issued, total amounting to ₹ 5,00,00,000/- in favour of the owners. The said two cheques issued by the assessee have not been encashed within its validity. Further, on 13/09/2013 the assessee had made the actual payment of S ..... X X X X Extracts X X X X X X X X Extracts X X X X
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