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TMI Blog2023 (4) TMI 64X X X X Extracts X X X X X X X X Extracts X X X X ..... operty. We find no reason to differ with the said reasoning. Thus we are of the view that the order of the Ld. Pr. CIT needs to be quashed and allow the appeal of the assessee. - I.T.A. No.214/Viz/2022 - - - Dated:- 31-3-2023 - Shri Duvvuru Rl Reddy, Hon ble Judicial Member And Shri S Balakrishnan, Hon ble Accountant Member For the Appellant : Sri I. Kama Sastry, AR For the Respondent : Sri MN Murthy Naik, CIT-DR ORDER PER S. BALAKRISHNAN, ACCOUNTANT MEMBER : This appeal is filed by the assessee against the order of Ld. Principal Commissioner of Income Tax-1, Visakhapatnam [Pr. CIT] passed U/s. 263 of the Act vide DIN Order No. ITBA/REV/F/REV5/2021-22/1041948179(1), dated 29/03/2022 for the AY 2015-16. 2. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rved that the assessee only entered into an agreement of sale on 10/11/2009 to purchase the property however it was registered in December, 2013 vide sale deed dated 12/12/2013. The Ld. Pr. CIT also observed that the assessee sold the property for Rs.92,50,000/-on 26/3/2015. The Ld. Pr. CIT considering the date of registration and the date of sale concluded that this cannot be treated as LTCG and has to be taxed as STCG since the assessee has not held the property for more than three years. Consequently, the claim made by the assessee U/s. 54 of the Act was also needs to be disallowed as deduction U/s. 54 is admissible only on LTCG. The Ld. Pr. CIT directed the Ld. AO to recompute the income by disallowing assessee s claim U/s. 54 of the Ac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on the decision of the Hon ble Madras High Court in the case of CIT vs. S.R. Jeyashankar [2015] 373 ITR 0120. Per contra, the Ld. DR relied on the order of the Ld. Pr. CIT. 5. We have heard both the sides and perused the material available on record and the orders of the Ld. Revenue Authorities. Admittedly, the assessee has entered into an agreement for purchase of property on 10/11/2019 as submitted by the Ld. AR. We also find from the submissions made by the Ld. AR that the assessee has paid substantial amount of Rs.34,52,625/-. The only contention of the Ld. Pr. CIT is since the property was registered vide sale deed dated 12/12/2013 and sold on 26/3/2015, the net gain arising out of the sale shall be STCG. However, we find that th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the benefit is available if the investment is made within three years from the date of the transfer. 2. The Board had occasion to examine as to whether the acquisition of a flat by an allottee under the Self-Financing Scheme of the Delhi Development Authority amounts to purchase or its construction by the Delhi Development Authority on behalf of the allottee. Under the Self- Financing Scheme of the Delhi Development Authority the allotment letter is issued on payment of the first installment of the cost of construction. The allotment is final unless it is cancelled or the allottee withdraws from the Scheme. The allotment is cancelled only under exceptional circumstances. The allottee gets title to the property on the issuance of the al ..... X X X X Extracts X X X X X X X X Extracts X X X X
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