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TMI Blog2024 (7) TMI 1334X X X X Extracts X X X X X X X X Extracts X X X X ..... ies in sec.54, has to be taken in light of the payment of consideration and possession of the new house property only. DR could hardly rebut the fact that the various judicial precedents in learned CIT(A)-NFAC s detailed discussion Smt. Beena K. Jain [ 1993 (11) TMI 7 - BOMBAY HIGH COURT] , Sunil Amritlal Shah [ 2024 (5) TMI 699 - ITAT MUMBAI] Bastimal K. Jain [ 2016 (6) TMI 1243 - ITAT MUMBAI] Sanjay Vasant Jumde [ 2023 (3) TMI 1222 - ITAT PUNE] already stand duly considered and therefore, we hold the assessee is entitled for the impugned sec.54 deduction in very terms. Decided in favour of assessee. - Shri Satbeer Singh Godara, Judicial Member And Shri Omkareshwar Chidara, Accountant Member For the Assessee : Shri Subodh Ratnaparkhi, C. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... duction u/s 54 of the Act. 7. In the present case, the appellant has explained that for selling his old flat, he entered into an MoU on 23.03.2013. However, the 'Agreement to Sale' was executed only on 29.05.2013. Therefore, the date on which agreement to sale was executed/registered is taken as the date of transfer of his old capital asset. Therefore, the LTCG is declared in AY 2014-15 which is corresponding to FY 2013-14 (the year in which agreement to sale was executed/registered) 8. As far as purchase of new flat is concerned, the appellant purchased the flat no. 2202, Basilius, Hiranandani Meadows, from the developer namely M/s Roma Builders Pvt Ltd. The said flat was allotted to the appellant on 28.03.2012 and the 'Agreeme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... payment of installments was only a follow-up action and taking the delivery of possession is only a formality. 10. Further, Hon'ble jurisdictional ITAT in the case of Sujauddian Kasimsab Sayyed vs ITO (2020) 114 taxmann.com 168 (Mumbai Trib) has held that the immovable property is not conveyed by delivery of possession, but by a duly registered deed. The relevant portion of the said decision is as under.- 4.3. In the instant case, there is no dispute that the Agreement for Sale is dated 10.09.2014. We have held that the Letter of Allotment dated 27.04.2012 which has been produced at para 4 hereinabove cannot be considered as the date of execution of agreement by any stretch of imagination. In this context, we have relied on the judgmen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ore, following the above case-laws, the date of possession of the flat, as contended by the appellant, cannot be considered as date of acquisition. Since, in the present case, the new flat was allotted to the appellant on 28.03.2012 and the 'Agreement to Sale' was registered on 29.03.2012, the date of acquisition is therefore falls on either of these dates. Both these dates are falling beyond the period of 1 year from the date of transfer of capital asset as the agreement for sale for the old flat was registered on 29.05.2013. Since, the appellant is not fulfilling the mandatory condition of acquiring fa new residential flat in the time-period specified in section 54 of the Act, it is held that the appellant is not eligible for dedu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... falls beyond the prescribed period of one year and therefore, the assessee is not entitled for the same. 5. We have given our thoughtful consideration to the vehement rival stands and find no merit in the learned lower authorities action making the impugned disallowance. It emerges during the course of hearing that various judicial precedents i.e., (1) CIT vs. Smt. Beena K. Jain [1994] 75 Taxman 145 (Bombay); (2) Sunil Amritlal Shah vs. ITO [2024] 162 taxmann.com 676 (Mumbai-Tribu.); (3) Bastimal K. Jain vs. ITO [2016] 76 taxmann.com 368 (Mumbai- Tribu.); (4) Reji Easow vs. ITO [2022] 194 ITD 384 (Mumbai- Tribu.); (5) Mustansir I. Tehsildar vs. ITO [2017] 88 taxmann.com 275 (Mumbai-Tribu.) and (6) Sanjay Vasant Jumde vs. ITO [2023] 148 tax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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