9911796707
TMI Blog2017 (8) TMI 1735X X X X Extracts X X X X X X X X Extracts X X X X ..... ot produce any evidence to controvert the submission made by the assessee. Since the assessee has paid the complete consideration to the vendor of the land, which is duly acknowledged by the vendor, merely because of the registration is pending we are of the view that deduction allowable u/s 54 of the Act should not be rejected. This view is upheld by case of Balraj [ 2001 (12) TMI 51 - DELHI HIGH COURT] . Therefore, we direct the AO to allow the deduction u/s 54F of the Act. Accordingly, the appeal of the assessee is allowed. - SHRI V. DURGA RAO, JUDICIAL MEMBER AND SHRI D.S. SUNDER SINGH, ACCOUNTANT MEMBER For the Appellant : Shri G.V.N. Hari, AR For the Respondent : Shri D.J.P. Anand, DR ORDER PER D.S. SUNDER SINGH, Accountant Member: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he assessee's claim for deduction u/s 54F of the Act, the Ld. CIT(A) decided against the assessee. Hence, the assessee is in appeal before us. 3. Appearing for the assessee, the Ld. A.R. argued referring to paper book page nos. 22 to 24 that the assessee sold the vacant site and acquired a new property i.e. residential house by sale agreement dated 15.9.2008. The Ld. A.R. further argued that though the property was not registered the assessee has made the full payment and taken possession of the property. Hence the Ld. A.R. submitted that the assessee is entitled for deduction u/s 54F of the Act. The Ld. A.R. also relied on the decision of Hon'ble High Court in the case of Balraj Vs. CIT 254 ITR 0022, wherein it was held that for cl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l consideration of Rs. 30 lakhs which is evidenced by the sale agreement within one year from the date of sale of the property. During the course of hearing, the Ld. A.R. submitted that the assessee has taken possession of the above property and residing in the same house and due to some disputes, the property could not be registered. The Ld. A.R. further submitted that the entire consideration received by the assessee was paid in full for purchase of house and no amount was left with the assessee. When the assessee has made the full payment and taken possession of the house in the interest of justice the deduction should be allowed. The Ld. A.R. further submitted that when the full payment was made if the deduction is not granted, it would ..... X X X X Extracts X X X X X X X X Extracts X X X X
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