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TMI Blog2023 (6) TMI 167X X X X Extracts X X X X X X X X Extracts X X X X ..... o be treated as invested in purchase / construction of new residential property and assessee is to be allowed exemption u/s 54. Also in Dr Dharmista Vs ITO [ 2022 (10) TMI 544 - ITAT MUMBAI ] held that exemption u/s 54 should be allowed if the amount is invested on or before due date of filing return of income under section 139(4). Thus, direct AO to allow exemption u/s 54 to the assessee. Assessee appeal is allowed. - ITA No. 182/Srt/2022 - - - Dated:- 28-4-2023 - SHRI PAWAN SINGH , JUDICIAL MEMBER For the Assessee : Shri Aseem Thakkar , CA For the Department : Shri Vinod Kumar , Sr. DR ORDER PER : PAWAN SINGH , JUDICIAL MEMBER : 1. This appeal by the assessee is directed against the order of learned National Faceless Appeal Centre (NFAC), Delhi/Commissioner of Income Tax (Appeals) (in short, the ld. CIT(A)) dated 29/04/2022 for the Assessment Year (AY) 2011-12. The assessee has raised following grounds of appeal: 1. The ld. CIT(A) has erred in confirming the action of the Assessing Officer in issuing notice u/s 148 of the Income Tax Act, 1961 which is illegal and bad in law hence the assessment so made requires to be quashed. 2. Th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e kept in a bank or institution as may be specified and to be utilized in accordance with the scheme notified by the Central Government. 3. On the basis of such view, the Assessing Officer issued show cause notice dated 06/11/2018. The contents of show cause notice is recorded in para 6 of assessment order. The assessee filed her reply dated 19/11/2018. The contents of reply of assessee is recorded in para 7 of assessment order. The assessee in her reply stated that she had sold her residential flat at Mumbai and the sale proceed were invested in purchase of another residential property at Ahmedabad. The assessee furnished allotment letter issued by the builder on 14/05/2012, the allotment letter specified flat Number and the amount deposited by assessee. The assessee also furnished copy of bank statement of Kotak Mahindra Bank showing the payment of Rs. 28.00 lacs within three years of the sale of flat at Mumbai. On the specific reference in the show cause notice that only booking amount of Rs. 5.00 lacs was paid, the assessee explained that she has substantially invested the capital gain within three years for purchase of flat. Only conveyance deed was executed on 18/12/2015. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rs. 4,00,000/- Amounts paid in installation 4 01/11/2012 Rs. 1,00,000/- Amounts paid in installation 5 12/01/2012 Rs. 2,00,000/- Amounts paid in installation 6 28/01/2013 Rs. 3,00,000/- Amounts paid in installation 7 13/01/2013 Rs. 2,00,000/- Amounts paid in installation 8 30/05/2013 Rs. 1,00,000/- Amounts paid in installation 9 04/10/2013 Rs. 2,00,000/- Total advance paid within three years Rs. 28,00,000/- 6. On the basis of aforesaid details, the assessee stated that she invested capital gain for purchase of new residential house within three years from the date of sale as prescribed under Section 54 of the Act. On the objection of Assessing Officer that the assessee was required to invest the capital gain in capital ga ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the ld AR for the assessee relied on the following decisions; CIT Vs Smt Umayal Annamalai (2020) 273 Taxman 145-Mad, Xariver J Pullikal Vs DCIT (2016) 72 taxmann.com 34 SC, CIT Vs Venkata Dilip Kumar (2021) 124 taxmann.com 198 Mad, CIT Vs Jagruti Aggarwal (2011) 5 taxmann.com 146 (P H), CIT Vs Shakuntala Devi (2016) 75 taxmann.com 222 (Kar), Aniruddh Rinki Gandhi Vs DCIT (2022) 137 taxmann.com 160 (Ahem- Tribu.), Dr Dharmista Mehta Vs ITO (2022) 144 taxamann.com 136 (Mum-Tri) Seema Sabharawal Vs ITO (2018) 91 taxmann.com 2 (Chandigarh-Trib) and Harminder Kaur Vs ITO (2021) 126 taxmann.com 160 (delhi-Trib). 9. On the other hand, the ld. Sr. DR for the revenue has vehemently supported the orders of the lower authorities. The ld SR DR for the revenue submits that sale of old asset took place on 3.11.2010, the due date for filing return of income for relevant assessment year was 31.07.2011. The assessee made booking of new residential house only on 14.05.2012, which was after due date of filing return of income. The execution of sale deed of new house took place only on 18.12.2015, which is not within three years from the date ..... X X X X Extracts X X X X X X X X Extracts X X X X
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