Agreement to Sell Treated as Transfer Date; Section 54 Exemption Allowed: ITAT Mumbai

Poonam Dhananjay Sandu Vs ITO (ITAT Mumbai) The appeal before the Income Tax Appellate Tribunal Mumbai concerned the denial of deduction under Section 54 of the Income Tax Act, 1961, arising from the sale of a residential property and purchase of another residential house. The assessee had sold a residential flat through an Agreement for Sale dated 01.12.2016 for ₹9 crore, with the sale deed registered on 30.03.2017, and had purchased another residential property on 04.12.2015. The Assessing Officer denied the Section 54 deduction by treating the date of registration as the date of transfer ...