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TMI Blog2025 (1) TMI 1163X X X X Extracts X X X X X X X X Extracts X X X X ..... and Sh. Deepesh Garg, Advocate For the Department : Sh. Vijay B. Vasanta, CIT(DR), Sh. Shankar Lal Verma, Sr. DR ORDER PER M. BALAGANESH, AM: Captioned appeal has been filed by the assessee assailing the final assessment order passed under section 143(3) read with section 144C(13) of the Income-tax Act, 1961 (in short 'the Act') pertaining to assessment year 2020-21 in pursuance to directions of learned Dispute Resolution Panel (DRP). 2. The additional ground raised by the assessee vide letter dated 13.11.2023, stating that the directions issued by learned DRP under section 144C(5) of the Act dated 16.05.2023 does not bear the DIN Number, was stated to be not pressed by the learned AR at the time of hearing. The same is reckoned as a s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... owned/held by him as under:- Sl. No. Particulars Remarks of assessee for claiming exemption u/s 54F Whether purchase deed provided 1. Flat AR 515A in the Aralias, DLF City, Gurgaon- 122009 A residential flat owned by the assessee and rented for the year @ Rs. 30 Lacs p.a. Yes 2. Unit in Emaar MGF 'Marbella, Sector-15, Gurgaon, Haryana-122001 Deposit with builder since 10.08.2010 and possessing of property still no provided by the builder. Not to be considered as House property and same is evident from the schedule House Property of ITR Yes 3. 1 BHK Studio Apartment, Sector -109, Gurgaon, Haryaya-122017 Booking amount of Rs. 30 lacs paid on 10.04.2014 to builder and possessing of property still not provided by the builder, si ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... annot be held to be owning any house property on absolute basis as on the date of transfer of original asset. 7. In respect of 1 BHK Studio Apartment, Sector-109, Gurgaon, Haryana-122017, the assessee submitted that he had paid only booking amount of Rs. 30 lakhs on 10.04.2015 to the builder and possession of the property was not handed over, since the project is under dispute. Hence, such property cannot be construed as a property owned by the assessee as on the date of transfer of original capital asset. 8. The Learned AO, however, did not heed to any of the aforesaid contentions and proceeded to deny exemption claimed by the assessee under section 54F of the Act in respect of reinvestment made in the property of Padmini Enclave on the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ned DR placed reliance on paragraph 35 of the said judgment, which reads as under: - "35. We may also have a look to the controversy arising in this case from one 3 more angle. On reading of the proviso to section 54F, it is seen that the expression "assessee owns, on the date of transfer of the original asset, any residential house" is used in the proviso with reference to "the residential house, the income of which is chargeable under the head 'Income from house property" (underlined ours). In other words, the expression "own any residential house" is used with a reference to the income of which is chargeable under the head "Income from house property". The Legislature has inserted sections 22 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er of house property" for the purpose of charging income of which under the head "Income from house property" by the Hon'ble Supreme Court in the case of Podar Cement (P.) Ltd. (supra) is to be imported for the purpose of defining the words "own of any residential house" occurring in section 54F of the Act. Therefore, for the purpose of section 54F of the Act, the meaning of "own" or "owner" is to be understood in the same sense in which it is understood for the purpose of sections 22 to 26 of the Act." 11. We have gone through the said judgment and, in our considered opinion, the said judgement could be relied upon only for the limited proposition of the fact that registration of a propert ..... X X X X Extracts X X X X X X X X Extracts X X X X
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