9911796707
TMI Blog2024 (7) TMI 93X X X X Extracts X X X X X X X X Extracts X X X X ..... le deed could not be executed within the prescribed time due to order passed by the competent authority, in such peculiar facts, a valid transfer took place within the meaning of Section 2(47) of the Act by even executing the agreement to sale and relief under Section 54 was to be granted to assessee in respect of purchase of new residential property subject to fulfilment of other condition. In the present case, the observation of the Assessing Officer that sale deed is not property registered appears to be not justifiable as vide letter dated 14.05.2019 the assessee has given details along with the sale deed and purchase deed which is a registered document including registration fee as well as payment of Municipal Tax in assessee s name. T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on facts in confirming withdrawal of deduction claimed u/s. 54 of the Act of Rs. 29,19,742/- ignoring submission and documentary evidence submitted by the appellant. 6. Ld. NFAC erred in law and on facts in considering fact that show cause notice issued by AO was not served to the appellant and thus order passed is in violation of principle of natural justice and required to be quashed. 7. Initiation of penalty proceedings u/s. 271(1)(c) is unjustified. 8. Charging of interest u/s. 234A, 234B, 234C and 234D are unjustified." 3. The assessee filed return of income for the Assessment Year 2012-13 on 21.03.2014 declaring total income at Rs. 43,560/-. The return was processed under Section 143(1) of the Income Tax Act, 1961. The Assessin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the assessee. 5. The Ld. AR submitted that the sale consideration of Rs. 45,00,000/- was already shown by the assessee in its original return of income under the caption Long Term Capital Gain (LTCG) in schedule item no.3 and, therefore, the assessee has claimed exemption under Section 54 of the Act in respect of investment in new residential property. The Ld. AR further submitted that the assessee paid full consideration of Rs. 25,00,000/- and taken the possession of the said property in A.Y. 2012-13 only which can be seen from bank statement and Municipal Tax bill which specifically shows the name of the assessee as occupier. The Ld. AR further submitted that the payment of Municipal Tax as well as the bill to that extent is sufficient ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... new residential property. The contention of the AR that he had paid full consideration of Rs. 25,00,000/- and taken the possession as well as the assessee has shown the bank statement along with Municipal Tax bill for A.Y. 2012-13 wherein the assessee's name as occupier has shown amounts to legal transfer of the property. The observation of the Assessing Officer as well as the CIT(A) that the deed of conveyance must be duly stamped and registered by law will be having support of the conduct of the assessee regarding the actual consideration paid by the assessee as well as the investment made by the assessee in the relevant Assessment Year and which is duly reflected in the return of income as well as books of the assessee. The decision of H ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
